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Peru Candidate Says Shuttle 
He’ll Bypass the IMF Can’t Save 




By Jackson Diehl 

Wialwtgum Post Senate 
LIMA — Alan Garcia Perez, the 
victor m tbc first round of Peru's 
presidential elect icm Sunday, says 
ms government will bypass, negori- 
a g3in will rDenV’ ul Si**"® 5 * with the International Mon- 

such style and c| eX ^ * ?ira d m its foreign debt and 

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will promote joint action by Latin 
American countries on scrlting new 
terms for outstanding commercial 
bank loans. 

Mr. Garda, the leader of the cen- 
ter-left American Popular Revolu- 
tionary Alliance, or APRA. sharply 
cri dozed the Reagan administra- 
tion Tuesday for "deformed con- 

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America” and 
's Sandinisi gov- 
ernment as "the progressive affir- 
mation of democracy in Central 

He said his government would 
follow a nonaEgncd and Third 
World foreign policy that would 
stress the development of regional 
initiatives fen- treating the foreign 
debt and relations with the United 

Vote calculations from Sunday's 
national election continued to 
show Mr. Garda's total as just un- 
der SO percent, more than double 
the nearest challenger but short of 
the majority needed to avoid a run- 
off. He is already acknowledged as 
t the de facto president-elect by 
some political leaders 

Mr. Garda's comments on eco- 
nomic policy, made to foreign jour- 
nalists, suggested that bis govern- 
ment would adopt the most radical 
stance with the IMF and interna- 
tional banks yet taken by a major 

South American debtor and could 
presage an open confrontation with 
American banks. 

Mr. Garda, 35, said the IMFs 
economic agreements with Latin 
American countries, the basis for 
management of foreign-debt prob- 
lems. were "absurd" and involved 
"the colonial importation of con- 
cepts" by developing countries. 

"It is not true that these types of 
measures arc adequate for our 
economies," he said. Pent, he said, 
would seek to pass over the IMF 
"so as to address our creditors di- 

The commercial banks that have 
hundreds of billions of dollars in 
outstanding loans to Latin Ameri- 
can countries have required that 
the debtor countries reach agree- 
ment with the IMF on economic 
programs as a condition for ex- 
tending the terms of existing loans 
and providing fresh funds. Brazil 
and Argentina, which account for 
nearly $150 billion in outstanding 
loans, are trying to reach new 
agreements with the IMF. 

If Peru did not accept an IMF 
program, h could provoke a con- 

Astronauts Hit , 
Fail to Trigger , 
Power Switch 

Cumpiinl ly Our Stuff Fnm i Ilnpatihrs 

— Astronauts aboard the U.S. 
space shuttle Discovery twice 
snagged the power switch on a 
stranded satellite with the shuttle's 
robot arm Wednesday but the 
switch, apparently jammed, failed 
to budge. 

The effort was abandoned and 
the Syncom satellite was left io 
space as an So5-million derelict. 

"You did everything you possi- 
bly could," a Mission Control com- 
municator, Dave Hilmers, told the 

Steven Dorfman, chief of 
Hughes Communications Inc., 
which owns the Syncom communi- 
cations satellite, left open the possi- 
bility of a rescue effort on a later 
froritation with its creditors leading shuttle mission but said that, too, 
to the suspension of all credit or could be impractical 

even a formal default on its out- 
standing loons, financial sources 
here said. Such an action by Peru 
would be closely watched in Argen- 
tina and Brazil. 

Peru’s foreign debt stands at S!3 
billion. yjA the country is nearly 
5300 million behind in interest pay- 
ments to commercial banks. Its last 
agreement with the IMF. linked to 
a tentative debt rescheduling plan 
with hanks, was suspended last 
year after President Fernando Be- 
launde Terry’s government failed 

(Continued on Page 2, CoL 5) 









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Approach of Y-E Day 
Provokes Standoff on 
East-West Observance 

■ By < 2 e|c 3 Dne BohIch : 

WaMigtoa Past S*nkt : 

MOSCOW — F6r more than 
a year, the Soviet Union has 
been buMngup to tbc edeb ra- 
tion of the Wtb anniversary erf 
the end of World War II, a key 
event on its political calendar. 

But with the approach of 
May 9, the day when peace in 
Europe was announced here in 
1945, a diplomatic standoff has 
developed over whether the 
Russians' Western Allies of 
World War II will participate in 
the evenL 

The Soviet government has 
yet to announce just how "Vic- 
tory Day" will be celebrated in 
Moscow. Nor has it formally 
asked the United States, 
France. Britain or other West- 
ern members of the World War 
II alliance against Hiller to 
send official delegations. 

Ten years ago, the nation 
held a mUfl “demonstration” by 
civilians and veterans. But re- 
cent reports that a military pa- 
rade, including regiments from 
some Eastern European coun- 
tries, will be part or the May 9 
celebrations have mode some 
Western countries even more 
dubious about attending if 

In 1975 the Western Allies 
were invited and sent represen- 
tatives to the May 9 celebra- 
tions. The U.S. group was head- 
ed by W. Averell Haniman, 
who served as U.S. ambassador 
during the war, and the British 
by Lord Moumbatten. 

This time, diplomats from 
several Western countries are 
unsure how their govemmotts 
will respond if invitations do 

The issue for the Western 
members of the World War II 
alliance is the spirit in which the 
Soviet Union chooses to honor 
the -Allied defeat of Nazi Ger- 
many. It goes to the heart of tire 
political differences between 
the two blocs, involving the in- 
terpretation of postwar settle- 
ments. particularly the division 
of Europe, and vim's on the 
contributions of the various Al- 
lies to the war effort. 

The Western Allies this year 
have sought to make the theme 
of the 40th anniversary a cele- 
bration of postwar peace and 
reconciliation between former 

For the Soviet Union, the war 
is seen in a different light. As 
the nation that bore the brunt 
of the fighting, suffered 20 mil- 
lion dead and saw vast regions 
devastated by Hitler's armies, it 
has more to forget and Jess in- 
clination to do so. 

The commemoration of the 
1945 victory also serves a politi- 
cal purpose for the Soviet 
Union, both internally and ex- 
ternally, For ail its horrors, the 
war was a unifying historical 
event, the point at which Rus- 
sian patriotism became identi- 
fied with the Soviet state. 

It also gave birth to the East- 

ern bloc. In the Soviet view, 
. both themes are worth repeat- 
ing and magnifying to its citi- 
zens and its allies. 

World War II also stands in 
the Soviet mind as the bitter 
example of the price of military 

When Soviet officials repeat 
the admonition "Never forget," 
implicit is the deienmnatioa to 
never again be put in a position 
of inferiority. 

Television, newspapers and 
movie theaters have been filled 
with wartime reminiscences. 
The portrayal of the Allies' role 
is often bdittiing, sometimes 

By stressing the military tri- 
umph. particularly (hat erf the 
Red Army, the Russians have 
diverged from the conciliatory 
theme underlined in the West. 

This has particularly con- 
cerned the West Germans, who 
have been the target of a year- 
long Soviet campaign accusing 
(hem of “revanchist" ambitions 
to reunite the two Gennanys. 

Bonn's current allies are also 
sensitive to the West Germans’ 
concern and want to avoid get- 
ting involved in what a Western 
diplomat called "a German- 
bashing session" in Moscow on 
May 9. 

Last year, at the 40th anni- 
versary of the Normandy land- 
ings, the Germans were not in- 
vited. This year, President 
Ronald Reagan rearranged his 
schedule so as not to be in West 
Ge r ma ny on May 8. the date V- 
E Day, for Victory in Europe, is 
celebrated m the West. 

There is also the view that the 
Western Allies, by participating 
in the Moscow celebrations, 
would help lower the level of 
the propaganda and persuade 
the Russians to give more rec- 
ognition to Allied cooperation. 

But, a Western diplomat said 
recently, participation could 
lead to “embarrassment if, be- 
cause of some of the things said, 
we had to walk out." 

Unofficial groups or Ameri- 
can veterans and citizens are 
expected to come for the cele- 
brations, regardless of official 

Some Russians who took um- 
brage Iasi year at the passing 
notice paid to the Soviet war 
effort during the celebration of 
D-Day fed that the former al- 
lies do not want to acknowledge 
the Soviet role in the 1945 vic- 

- To them, a U.S. decision not 
to have official representation 
at Torgau on the Elbe River, 
where the U.S. and Soviet ar- 
mies met on April 25, 1945, is a 
sign that memories of Allied 
cooperation are hostage to cur- 
rent politics. 

The U.S. decision was made 
in retaliation Tor the killing 
March 24 of a U^. major at a 
Soviet military installation in 
East Germany. 

“It would be a complicated mis- 
sion, more complicated than we 
tried today," he said. "1 think there 
are possibilities. But it's premature 
Tor us to start discussing a rescue 
mission at this paint.” 

Mr. Dorfman said that Hughes 
would help cover (he National 
Aeronautics and Space Adminis- 
tration’s costs in planning and con- 
ducting the rescue attempt. 

The satellite foiled to turn on 
after its launch from Discovery on 
Saturday, a failure for which 
NASA was not responsible. 

The shuttle astronauts did eveiy- 
thing asked of them Wednesday to 
save the satellite, the third in a 
senes leased by the U.S, Navy. The 
failure of the satellite, which was 
insured for $85 million, followed 
the loss of three satellites last year 
and prompted renewed concern 
about rising insurance rates. 

With the shuttle flying about 30 
feet (9 meters) alongside the satel- 
lite, Dr. Margaret Rhea Seddon 
carefully guided the 50-foot me- 
chanical arm so {hat. makeshift 
tools on the end brushed against 
the side of the slowly rotating pay- 

The device twice snagged a four- 
inch (1. 3-centimcter) power lever 
but failed to budge it. One rung of 
the three-rung plastic device broke 
under the pressure. 

Dr. Seddon bad only a six-min- 
ute period, or “window," in which 
ro do perform the maneuver be- 
cause of the rotation and the neces- 
sity of the satellite being in a cer- 
tain position above the Earth. 
When that time passed. Mission 
Control radioed, “The window is 

(Continued on Page 2, CoL 3) 

Shiite Moslem 
Sunni militia 

Peres-Mubarak Meeting Is Planned 
Next Month, Israeli Officials Say 

The Auociaied Preu chill caused by the Israeli invasion 

CAIRO — Prime Minister Shi- of Lebanon in June 1982. 
man Peres of Israel and President -Both men said Wednesday that 
Hosni Mubarak of SSpi glia to i$r~ Peres and Me Mubarak would 
meet next month forme first sura-, discuss only relations between their 
mil meeting between leaders of the countries, not the wider issue of 

two countries since Menachero Be- 
gin met with Anwar Sadat in 1981. 
Israeli government officials said 

Avraham Tarair, the director- 
general of Mr. Peres’s office, dis- 
closed plans for the summit meet- 
ing as Ezer Weizman, minister 
without portfolio in the Israeli cab- 
inet, conferred in Cairo with 
Egypt's foreign minister, Esmai 
Abdel Meguid- 

Mr. Tamir is accompanying Mr. 
Weizman on his three-day visit, (he 
latest sign of improved relations 
between Egypt and' Israel after a 

peace in the Middle East. 

Mr. Tamtr said the agenda 
would cover “Tabs, the return of 
the Egyptian ambassador” to Israel 
and “things like that.” 

Taba is a 250-acre (101 -hectare) 
resort on the Gulf of Aqaba. Israel 
retained control it after having re- 
turned the rest of captured territory 
in the Sinai to Egypt. 

Egypt withdrew its ambassador 
from Israel in September 1982 to 
protest the invasion of Lebanon 
and the slaying of hundreds of Pal- 
estinian refugees by Israeli-allied 
Lebanese militiamen. 

Princess Admits Shame 
For Father’s Role in SS 

Uaued Press Intemaiwnal 

LONDON — Princess Michael 
of Kent said Wednesday that she 
was “desperately ashamed" to dis- 
cover that her father was in the 
Nazi SS, but she said that he was 
only an "honorary” member of 
Hiller’s elite army unit 

In her first interview since her 
father’s past was revealed in the 
British press Monday, the princess, 
who married into die royal family, 
said on the television program TV- 
AM that her father, Baron Gunter 
von Reibm( 2 , had been investigat- 
ed by tbe Allies after World War II 
and that proof was being sent from 
West Germany that cleared him of 
any involvement with concentra- 
tion camps. 

The document "states quite 
dearly that his position in tire Si 
was an honorary position,” the 40- 
year-old princess said. 

After the war, Princess Michael’s 
parents divorced and her father 
went to Mozambique. The prin- 
cess, born Marie-Christinc von 

Reibniiz, lived with her mother in 

“It was a total shock to every- 
thing I've been taught to believe." 
she. said. "1 was desperately 
ashamed at First.” 

She added; “It's a deep shame 
for me. It's a dreadful thing and I 
shall have to live with it" 

Princess Michael who is married 
to Queen Elizabeth IPs first cousin. 
Prince Michael of Kent, said she 
would continue with her public en- 
gagements. She attended a state 
banquet Tuesday night at Windsor 
Castle with Queen Elizabeth, 
Prince Philip and other members of 
tire royal family. 

Simon Wasemhal the celebrat- 
ed Nazi hunter, dismissed as “abso- 
lutely unbelievable” the princess's 
claims that her father was merely 
an honorary member of the Nazi 

Mr. Weisemhal said Tuesday 
that the baron had not served in 
any concentration camp, which 
were controlled by the SS. 


■ A U-S- arms official said 
Moscow, because of other inter- 
ests. might overlook "attrac- 
tive" of fers in Geneva. Pagel 

■ The Reagan administration is 
seeking to expand the size of 
rebel forces fighting the Nicara- 
guan government. Page 3. 



signs of the first earthquake to 
be — scientists hope — reliably 
forecast. Page 8. 


■ Kuwait's new economic pro- 

gram seeks to rebuild confi- 
dence lost after the stock mar- 
ket crash. Page 9. 


■ AT&T reported first-quarter 

earnings rose 55 percent from a 
year earlier. Page 15. 


Vassily Aksyonov, the Russian 
writer living in exile, turns a 
slightly jaundiced eye on the 
American literary world. In 

Karami Resigns 
Over Clashes by 
Rival Moslems 
In West Beirut 

moved in Trorii refugee camps to 
aid the Sunnis. ■ 

-Most of the fighting focused on 
Hamra Street, once Beirut's main 
shopping center. 

The battle also surged around 
the Commodore Hotel, one of the 
few major hotels to survive Leba- 
non's 10-year civil war. Residents 
slept in the corridors as rocket- 
propelled grenades exploded out- 
ride and the night sky was slashed 
by tracer fire from machine guns. 

■ Israelis Bomb Bekaa Valley 

Israeli warplanes attacked a 
guerrilla base near the town of Barr 
Elias in Lebanon's Bekaa Valiey 
Wednesday, the Israeli military 
command announced in Tel Aviv, 
according to The .Associated Press. 

The one-story building served os 
headquarters and a training base 
for Palestinian guerrillas from the 
pro-Soviet Democratic Front for 
the Liberation of Palestine, said 
Israeli military sources who spoke 
an condition they not be identified. 

■ UN Force to Remain 

The UN Security Council voted 
Wednesday to extend the mandate 
of the 10-nation UN Interim Force 
in Lebanon for six months until 
Ocl 19, The Associated Press re- 
ported from the United Nations. 


per, Maariv, reported Wednesday 
that one possible result of the Mn- 
Peres summit meeting would 
be Israeli agreement to internation- 
al arbitration on Taba in exchange 
for returning the Egyptian ambas- 
sador to IsraeL 

Asked whether the summit meet- 
ing would include talks on the Pal- 
estinian problem, Mr. Tamir said; 
“I don’t think so because the Pales- 
tinian problem bail is in Jordan’s 
court now. They have a problem 
about the representation of Pales- 

He was referring to Israel's refus- 
al to talk peace with the Palestine 
Liberation Organization. Israel has 
said it is willing to negotiate only 
with Jordan and non-PLO Pales- 

Mr. Weizman was quoted by Is- 
raeli reporters in Cairo as saying 
the summit meeting would oe in 
May, in Egypt but outride the capi- 

■ Murphy Arrives in Cairo 

The U.S. assistant secretary of 
state for Near Eastern "and 
South .Asian affairs, Richard W. 
Murphy, arrived Wednesday in 
Cairo on the third stop in a Mid- 
dle East tour to explore pros- 
pects for reviving Arab-Israeli 
peace negotiations, Tbe Associ- 
ated Press reported. 

Mr. Murphy refused to make a 
statement upon his arrival at 
Cairo international Airport 
from Israel. Egyptian officials 
said the U.S. envoy would con- 
fer with President Mubarak lat- 
er in the day and meet the for- 
eign minister on Thursday 
during his planned three-day 

Mr. Murphy flew to Cairo from 
Israel where be met not only 
with government officials but 
with a group of 30 Palestinians 
from the Israeli-occupied terri- 

Among other things, Mr. Mur- 
phy is believed to be discussing a 
proposal by Mr. Mubarak for a 
meeting between U.S. officials 
and a delegation of Palestinians 
and Jordanians as a first step 
toward Arab-Israeli peace talks. 

The Associated Pres 
BEIRUT — The coalition gov- 
ernment of Prime Minister Roriud 
Karami resigned Wednesday to 
protest fighting between rival Sun- 
ni and Shiite Moslem militias in 
West Beirut, Beirut Radio report- 

Nearly 30 people were reported 
killed in a machine-gun and rocket 
battle that started Tuesday night . 

Beirut Radio said Mr. Karami 
agreed after consultations with 
President Amin Gcmayel to stay on 
temporarily as head of a caretaker 

Mr. Karami said in a broadcast 
after his government feQ, “What 
am I to say to the people?" 

"What am I to say to justify what 
has happened to Beirut? No one 
can justify what is taking place." 

The nightlqpg battles marked the 
worst street lighting in the city 
since March 1984, when there was 
fighting between rival Moslem 

In a recorded statement broad- 
cast by Beirut radio stations, Mr. 

Karami who is a Sunni Moslem, 
said the street fighting in tbe pre- 
dominantly Moslem sector was a 
“horrific ni ghtmare ." 

“To apologize to you, brothers, 
for what has happened, I tender to 
you and to Beirut the resignation of 
the national unity cabinet." he said. 

Police and hospitals reported 
more than 60 people wounded in a 
night of machine-gun and rocket 
duds between Lebanon's largest 
Shiite Moslem militia, Amal-and 
Sunni militants of the Libyan- 
backed Mourabitoun. 

Amal forces, backed by Druze 
militiamen, routed Mourabitoun 
fighters from their headquarters in 
Beirut's Comiche Mazraa thor- 
oughfare and nearby residential 
neighborhoods after heavy gun 
battles. Then the attackers, armed 
noth rocket -propelled grenades and 
recoilless rules mounted . on jeeps, 
ransacked and bunted the Moura- 
bitoun base. 

The street fighting began Tues- 
day in a dispute over the opening of 
a militia office and did not stop 
despite an appeal to protect hun- 
dreds of orphans and handicapped 
children trapped in an Islamic or- 

The Moslem half of the capital 
was shaken by machine-gun fire, 
anti-tank missiles and rocket-pro- • -mm- 

pdled grenades. Cars burned in tbe !jOVi€t lflUSt 
streets and dark columns of smoke 
billowed from apartment build- 

By dawn, the fighting had spread 
across the city to the so-called 
Green Line that divides die Mos- 
lem sector from Christian East Bei- 
rut. Christian militiamen were re- 
ported to be sniping into (he 
smoke-shrouded Moslem neigh- 

The Lebanese Army tried to sep- 
arate the rival gunmen, but it was 
outgunned and outnumbered by 
the two sides. The army appeared 
to pull out of the battle zone in the 
narrow streets of central West Bei- 
rut as the fighting escalated. 

Druze militiamen, who backed 
(he Shiites in the fighting, were seen 
Wednesday morning disarming a 
Lebanese Army patrol in the sea- 
side Rouche district and driving off 
with the patrol's rifles, armored car 
and truck. 

Police said the battle began when 
a group of fighters from the Mour- 
abitoun tried to open an office in 
the residential neighborhood of 
Zarif, and the fundamentalist Shi- 
ites of tbe Amal militia objected. 

The two groups had been allied in 
Lebanon’s civil war. 

There were also unconfirmed re- 
ports that Amal had tried to reopen 
one of its offices in a predominant- 
ly Sunni district. 

Palestinian groups, eclipsed by 
Amal since the Palestine Libera- 
tion Organization's evacuation of 
Beirut after the 1982 Israeli inva- 
sion of Lebanon, apparently 

Deng Xiaoping 

Deng Insists 

Chinese TV Fare Follows Immigrant s to Hollywood’s Doorstep 

By Jay 



hington Post Sernce 

MONTEREY PARK, California — The moment 
Dewy Ip affixed his Hong Kong television logo to his 
office in this small Los Angeles suburb, the telephone 
began to ring as if possessed. 

An ocean separates Monterey Park's one-story 

Jade Channel, a product of Hong Kon 
Broadcasts (USA) Too, also contains Hoa 

here, 5,000 

With thousands of new residents from Hong Kong 
and Taiwan, California lodes a little more like Asia 
every day, and the first Chinese-language cable chan- 
nel in the United Slates has found instant success. It is 
another dose of Asian culture expected to spread 
quickly to the rest erf the country, 

Monterey Park, whose population or 54,300 is 
about one- third Asian, has just been named an “All- 
America City” by the National Municipal League, 
showing bow much the definition of all-America has 
changed. The Monterey Park moll that houses Mr. Ip's 

market, Chan's jewelry and Sun Computers, their 
signs rendered in Chinese and English. 

Mr. Ip, a short, stocky bachelor who worts 12-hour 
days, has been here less than a year as station manag- 
er. He already has 2,500 customers paying 517.95 a 
month for seven and a half hours a day of Cantonese 
and Mandarin Chinese entertainment and news, even 
though Falcon Communications, the Southern Cali- 
fornia cable company canying his channel, does not 
cover Los Angeles" Chinatown or a score of the area’s 
other Asian immigrant centers. 

In Hong Kong, the Jade Channel draws about 85 
percent of the audience of 4 5 mOIion. In tbe United 
States, many large cities, including Los Angeles, offer 
two or three hours a day of Chinese-language pro- 
gramming on some free channel nothing compared to 
the evening slate of soap operas, comedy and song 
offered by Mr. Ip. 

Even Vietnamese refugees, many of them Canton- 
{Continued on Page 2, CoL 1) 

Scenes from Hong Kong’s Jade channel, in California. 

Get Hanoi Out 
Of Comb 


BEIJING — China has not 
changed its terms for improved re- 
lations with the Soriet Union but 
Vietnam’s withdrawal from Cam- 
bodia is Beijing's main precondi- 
tion, China's foremost leader, 
Deng Xiaoping, said Wednesday. 

Mr. Deng said China still insist- 
ed that Moscow remove three ob- 
stacles to better relations: the Sovi- 
et presence in Afghanistan: Soviet 
forces facing Chinese borders, and 
Soviet support lor Vietnam's occu- 
pation of Cambodia. 

“If it is difficult for the Soviet 
Union to eliminate all three obsta- 
cles at the same lime," Mr. Deng 
said, “it can first remove one. then, 
progressively, all three." 

His statement contrasted with 
those made April 9 by Hu Yao- 
bang, general secretary of the Chi- 
nese Communist Pony, who said 
that he could “not say clearly how 
many obstacles there are" for bet- 
ter relations with the Kremlin. The 
statement prompted speculation 
about a substantial change in the 
Chinese position. 

Mr. Deng said that “it seems the 
easiest for the Soviet Union is the 
Vietnamese Army’s withdrawal 
from Cambodia, because this will 
do it no harm.” 

"It can still keep its relations 
with Vietnam and the bases Viet- 
nam provides,” he said. "If they 
keep a clear-headed attitude they 
can start with this.” 

“The basic issue of these three 
obstacles is that they constitute a 
danger to China," he’ said. 

Mr. Deng spoke to reporters in a 
corridor of the Great Hall of the 
People before meeting Prime Min- 
ister Wilfned Martens of Belgium, 
who is visiting. 

A senior Chinese officer said 
Tuesday in Yunnan province, bor- 
dering Vietnam, that bO percent of 
Hanoi's 1.2 million-member army 
was confronting China. 

Libyan Expelled by Belgium 

Untied Press PuerthUhvij/ 

BRUSSELS — Belgium expelled 
a Libyan national Wednesday who 
was identified as the probable lead- 
er of the assassination squad re- 
sponsible for killing a London po- 
licewoman a year ago. "He was 
considered a public danger in Bel- 
gium,” a spokesman said 

U.S. Says Soviet May Overlook 
? Attractive Offers’ in Geneva 

jh Fitchett 

International Herald Tribune 

PARIS — A senior U.S. arms 
official voiced concern Wednesday 
that opportunities for progress in 
the Geneva arms talks could be 
missed because of the Soviet lead- 
ership's preoccupation with space 

Edward L. Rowny, President 
Ronald Reagan's special adviser on 
arms control, also said Soviet lead- 
. ers were placing greater priority on 
domestic problems than on arms 

He said that “attractive U.S. of- 
fers risk being overlooked" in nego- 
tiations on intercontinental ballis- 
tic missiles and intermediate-range 
nuclear weapons. 

In the Geneva talks, the Soviet 
Union has said that all three sets of 
discussions — on strategic missiles. 
European-theater missiles and 
anti-mi ssile defenses, possibly 
based in space — must succeed 
before agreement can be concluded 
in any of the component talks. 

Mr. Rowny’s comments marked 
the first time that a senior U.S. 
official has publicly aired concern 
that the Soviet Union will concen- 
trate on trying to block the Strate- 
gic Defense Initiative, popularly 
known as “star wars," and, in ef- 
fect, ignore opportunities for other 
arms reductions. 

Mr. Rowny, a retired army gen- 
eral who represented the Joint 
Chiefs of Staff on strategic weap- 
ons issues, has been vocally skepti- 

cal about Soviet motives in arms 
control. He was chief U.S. negotia- 
tor in the strategic arms talks that 
broke off in 1983 when the North 
Atlantic Treaty Organization be- 
gan deploying new missiles in Eu- 

In an interview, he confined his 
comments to views held by Reagan 
administration officials in Wash- 
ington and to the UJS. analysis of 
developments in the Soviet Union. 
Both sides at Geneva have agreed 
not to comment on details of those 
negotiations, the Erst round of 
which will conclude next week. 

But both governments seek to 
sway opinion in Europe, and Mr. 
Rowny has briefed officials in Italy 
and France as part of U.S. efforts 
to pre-empt European pressure on 
the United Stales to curb research 
on space weaponry as a condition 
for progress in arms control. 

The United States rejects Soviet 
calls for a ban on research into 
space-based defensive weaponry 
because. U.S. officials say, Soviet 
compliance would be un verifiable. 

in view of the Soviet position, 
however, Mr. Rowny reportedly 
warned European officials not to 
expect early progress in Geneva. 

Mikhail S. Gorbachev, the Soviet 
leader, has “domestic preoccupa- 
tions," Mr. Rowny said, adding 
that Mr. Gorbachev has appeared 
eager for quick U.S.-Soviet pro- 

The Soviet moratorium on SS-2G 
deployments in Europe, Mr. 

Rowny said, had already been of- 
fered and rejected in the Geneva 
talks before Mr. Gorbachev an- 
nounced it April 7. 

Other U.S. officials have predict- 
ed privately that the Soviet Union 
will save new proposals until fall, 
when Mr. Reagan and Mr. Gorba- 
chev could meet during the United 
Nations General Assembly session. 

The Soviet missile moratorium 
expires in November, when the 
Netherlands must decide whether 
to deploy U.S. cruise missiles. 

Soviet emphasis on stopping the 
space defense research program is 
useless, Mr. Rowny said. 

“It's impossible to tie progress 
on arms control to a strategic re- 
search program, which is eight to 
10 years out," he said. “We want to 
concentrate on the here and now." 

Mr. Rowny said progress toward 
arms reductions could start if the 
Soviet Union responded to “impor- 
tant nuances" in the U.S. negotiat- 
ing position. 

He cited the following points: 

• On strategic missiles, the Unit- 
ed States has dropped its insistence 
that the Soviet Union reduce its 
missile arsenal’s “throw-weight," 
which is a technical term that 
roughly corresponds to the concept 
of destructive power. The Soviet 
Union has about a 3-to-I advan- 
tage in throw- weight. 

The United States has offered to 
put a ceiling of 8,000 on air- 
launched cruise missiles to be de- 
ployed if both sides agree to move 

Soviet Bans 
Use of Force 
After Death 
Of U.S. Major 

Edward L. Rowny 

“ apology tathesbooimg Maid. 24 

strategic nnclear warheads to 5,000 Arthur D. Nicholson Jr. 

and compensation for his family. 

By Walter Pincus 
and Don Oberdorfer 

Washington Past Service 

WASHINGTON — More than 
three weeks after a Soviet sentry 
shot to death a U.S. Army major, 
the Soviet Union has agreed not to 
- permit “use of force or weapons" 
against U.S. military liaison per- 
sonnel in East Germany, the State 
Department has announced. 

The State Departmmt spokes- 
man, Bernard Kalb, said Tuesday 
that Soviet generals had also agreed 
to refer to Trigher authority" in 
Moscow the U.S. demand for 


Odds Even on U.S. Meltdown by 2005 

NEW YORK (NYT) — The chance of a meltdown at a nuclear reactor 
somewhere in the United States in the next 20 years is almost 50-50, 
according to the Nuclear Regulatory Commission. 

The estimate concerns the chance of a severe core melt accident,” 
which could be much more serious than the partial core mating at Three . 
Mile Island, near Harrisburg, Pennsylvania, m March 1979 but would • 
probably not cause immediate fatalities, the commission said, and is 
based on examinations of the likelihood of the failure of enough indepen- 
dent components to cause an accident at “close to two dozen plants. 

The estimate suggests the typical chance of such an accident at a single 
reactor in a single year at about one in 3.333. If one chance in_3,333 was 
the industry average, the commission said, “then in a population of 100 
reactors operating over a period of 20 years, ihe^cnnie cumulative .' 
probability of such an accident would be 45 percent-" 

Arthur D. Nicholson Jr. 

Sudan Offers Trade-Off to Ethiopia 



The Soviet Union has slightly 
more than 7.500 of these warheads, 
the United States slightly fewer. 

• On intennediate-ninge mis- 
siles in Europe, the United States 
would agree conditionally to de- 
ploy fewer anise and Pershing-2 
b allis tic missiles than Soviet SS- 

While sticking to the formal U-S. 
demand for equal global numbers 
of in termediatc- range weapons, the 
United States would undertake 
“not to exercise its entitlement" 
provided the Soviet Union de- 
stroyed some SS-20s and did tjht 
simply shift missiles to Asia . ▼ 

The department's statement fol- 
lowed a meeting Friday of the top 
U.S. and Soviet military officers in 
West and East Germany and came 
as a congressional delegation, 
headed by the speaker of the 
House, Thomas P. O’Neill Jr., re- 
ported to President Ronald Reagan 
on its April 10 meeting in Moscow 
with the Soviet leader, Mikhail S. 

Weinberger Says There Is No Deadline 
For Allies to Join Research Project 


secretary of defense, Caspar W. 
Weinberger, bas written NATO 
ministers to dispel any suspicion 
the United States was setting a 
deadline for them to join in space- 
based anti-missile research, a de- 
fense official said Tuesday. 

Mr. Weinberger had told NATO 
officials March 26 that he would 
like a decision within 60 days on 
whether they wanted to cooperate 
in the research. Some European of- 

ficials took that as an ultimatum, 
and Mr. Weinberger tried to dispel 
this idea during an AprQ I meeting 
in Washington with West Germa- 
ny's defense minister. Manfred 

A second letter, sent to NATO 
defense ministers last week, sought 
to end confusion about the 60 days, 
the Defense Department official 
said. He said the latest letter urged 
the allies to respond as soon as 
possible if they wanted to partici- 
pate in the program. 

Ounese-Language TV Is 
A Hit in Los Angeles Suburb 

(Continued from Page 1) By opening day they had a 

ese-speaking ethnic Chinese, are schedule to 6t the workaday lives 
eager for Hong Kong programs. of their emigrant audience, with 
Mr. Ip’s company is negotiating programming from 5:30 P.M. to 10 
th cable svsiems in San Francis- P -M. and repeats until about 1 


“A lot of Chinese work quite 

A member of the House delega- 
tion, Dan Rostenkowski, Demo- 
crat of Illinois, quoted Mr. Gorba- 
chev as saying that a change in the 
ground rules governing U.S. and 
Soviet military liaison officers in 
East and West Germany “could 
very well be the outcome" of Major 
Nicholson’s death and that “it 
should never happen again " State 
Department officials said addition- 
al U.S.-Soviet meetings on the mili- 
tary ground rules were planned. 

Members of the congressional 
delegation said Mr. Gorbachev and 
other Soviet officials had refused to 
accept responsibility for the shoot- 
ing and maintained that the United 
States was to blame for the major’s 

Mr. O'Neill, Democrat of Mas- 
sachusetts, in reflecting on the 
four-hour meeting with Mr. Gorba- 
chev and Tuesday's session with 
Mr. Reagan, said a summit meeting 
of the U.S. and Soviet leaders was 
unavoidable because “both men 
are committed to it now." 

If a meeting occurs this year, Mr. 
O’Neill said, it is likdy to be during 
or after October. By then, he said, 
Mr. Gorbachev may be able to con- 
solidate his power in Moscow. 

Representative O’Neill said that, 
in his opinion, Mr. Reagan and Mr. 
Gorbachev “would understand 
each other" if a meeting could be 
arranged. He said (he president 
would have to be well-prepared for 
a meeting with Mr. Gorbachev’, 
who Mr. O’Neill characterized as 
having charisma, “a different style” 
and “a bit of class." 

Interviews with participants in 
last week’s meetings also said that 
Soviet officials, in what some par- 
ticipants characterized as a signifi- 
cant signal, agreed to continuing 
meetings on human rights in the 
Soviet Union and other topics. 

Representatives George Miller, 
Democrat of California, and Marty 
Russo, Democrat of Illinois, met 
with Vassflj Trnshin, first deputy 
minister of internal affairs, for sev- 
eral hours to discuss human rights. 
Mr. Miller said Mr. Trushin “ex- 
pressed willingness to review indi- 
vidual cases of concern to us" and 

KHARTOUM, Sudan (U PI) — The ruling military council has offered 
to cut its support for anti-Ethiopian guerrilla groups operating from 
bases inside Sudan in exchange for withdrawal of Ethiopian backing for 
Sudanese seccessionists, the national news agency said Wednesday. 

Major General Fans Abdalla Hosni, a member of the military council 
that overthrew President Gaafar Nimeiri April 6 in a bloodless coup, told 

that overthrew President Gaafar Nimein Apnt o m a Dioocuess coup, told 
a gathering of army officers in the southern provincial capital of Juba that 
the council was sending representatives to Ethiopia to discuss the offer. 


At least two major anti-Ethiopian guerrilla groups, the Eritrean Peo- * 
pie’s Liberation Front and the ngre People's Liberation Front, operate 
from bases in Sudan. The Sudan People's Liberation Army, led by 
Colonel John Garang, has crippled the southern Sudanese economy from 
his bases in western Ethiopia. 

Reagan Welcomes Algerian President 


(AP) — President Ronald Reagan on Wednesday D?/|t 
; Chadli Bendjedid of Algeria in a symbolic show of ' f Jl» 

said be would report back in three 
or four weeks. 

When h uman rights were first 
brought up in the talks, Mr. Miller 
said, Soviet officials did not want 
to discuss the subject The U.S. 
delegation responded that this was 
“unacceptable." Eventually, the 
Soviet officials proposed that sev- 
eral working groups, including one 
on h uman rights, be established. 

The participants also said that 
Mr. Gorbachev emphasized the im- 
portance of dialogue and peaceful 
coexistence as practiced in the 
1970s, when U.S.- Soviet trade 
flourished, the congressmen said. 

“We have to have the wisdom to 
find the development of friendli- 
ness" between the two nuclear su- 
perpowers, Mr. O’Neill quoted the 
Soviet leader as saying. 

welcomed President 

appreciation for that country's gradual shift toward a policy of nonalign- 
ment after years of close lies with the Soviet bloc. 

At a White House ceremony that included full military honors, Mr. 
Reagan told Colonel Chadli, “We Americans particularly welcome the - 
return of cordial relations which existed in the early days of your 
independence." Mr. Reagan decided last week to allow Algeria to ' 
purchase UJS. weapons for the first time since that country wot its - 
independence from France two decades ago. ' - 

Mr. Reagan disclosed that an agreement establishing a U.S.-Algerian 
economic commission would be signed Thursday and that a cultural T_- 
exchange agreement was also planned. Colonel Chadli said he was 
bringing a “message of friendship and respect" as he embarked on his 
First visit to the United States. - 

1 OL 

uin R 

AIDS, Brain Disorders Closely Linked - 

ATLANTA (AP) — At least 60 percent Of patients with acquired 1 
immune deficiency syndrome, or AIDS, develop severe brain and nervous - 
system disorders, a researcher has found. This is a much higher incidence - 
.than previously believed. 

The evidence suggests that the AIDS virus is infecting the brain as well 
as the immune system cells directly, said Richard Price, a neurologist at - 
the Memorial Sloan-Keuering Cancer Center in New York. He said 121 
of the 235 AIDS patients whose cases he examined showed signs of 
dementia, a progressive loss of memory and language and a gradual 
slowing of the ability to think and control muscles. 

Dr. Price's study was presented Tuesday at an international sympo- : 
Siam on AIDS sponsored by the World Health Organization and three 
U.S. agencies. Another researcher, Carolyn Britton of Cohunbia-Presby- 
terian Medical Centerin New York, said neurological symptoms may be 
the First sign of AIDS in as many as 20 percent of patients. 

Th# Assobotad 

with cable systems in San Francis- 
co and San Diego and has set its 
sights on New York and Chicago. 

The company, which has as its 
chairman Sir Run Run Shaw, the 
major producer of kung fu films, 
began to perceive what a fertile 
market the United States might be 
when its videotapes of Cantonese 
series began renting rapidly. 

Alan McGlade, programming 
director for Falcon Communica- 
tions, noticed that “the Asian and 
particularly the Chinese popula- 
tion was increasing dramatically in 
our area." He added, however, that 
“it was tough to sell" the usual 
cable television services “to some- 
one who doesn't speak English." 

In July. Falcon and TVB, as the 
Hong Kong company operating 
Jade channel is called, made a deal 
to bring Chinese television to com- 
munities in eastern Los Angeles, 
such as Monterey Pork. 

The channel number, 38. was se- 
lected carefully. "In Hong Kong. 3 
means longevity and S prosperity." 
Mr. Ip said. 

A makeshift tool, upper right, on the shuttle’s mechanical 
arm broke a slat Wednesday snagging the jammed trigger 
switch, left center, of the communications satellite. 


& X ^ Crew Fails to Turn on Satellite 

Permian Candidate Pledges Papandreou Wants Election in June 

ATHENS (Reuters)— Prime Minister Anritrac Pjmandremi of fim 

To Bypass IMF Comultatians 

ATHENS (Reuters)— Prime Minister Andreas Papandreou of Greece 
announced Wednesday that he would ask that a general election be held ▼ ' 
in Junei- . . . _ 

A typical day on the Jade chan- 
nel began with “Space Shuttle 
430." a children’s program to entice 
young Chinese- Americans to keep 
up their Cantonese, followed by 
"Women Today," a talk show for 
housewives, and "Hong Kong ’84," 
a situation comedy about a family 
running a fast-food shop in Hong 
Kong's noisy Causeway Bay dis- 

Historical programs, a variety 
show and the news highlighted the 
evening programs, one of which 
was in the Mandarin dialect spoken 
by Taiwanese and most mainland 

The Mandarin speakers ask for 
more shows in their language and 
emigrants who are more affluent 
want more new late-night program- 
ming. Mr. Ip says he is preparing to 
provide both. 

(Continued from Page I) 
dosed, perform the separation ma- 

“We had hard physical contact 
on at least two occasions,” reported 
Colonel Karol J. Bobko of the U.S. 
Air Force, the mission commander. 

Throughout the morning, Colo- 
nel Bobko and Commander Don- 
ald E. Williams of the navy, the 
pilot, had guided Discovery to the 
rendezvous, dosing in to 30 feet 
from a distance of 46 miles (74 

"TaJlyho, the target!” Com- 
mander Williams exclaimed as 
Syncom came into view. 

The astronauts inspected the sat- 
ellite for 90 minutes to make cer- 
tain all was safe before proceeding 

and the astronauts, who had 
worked long hours to devise a res- 
cue plan and to construct the make- 
shift tools. 

The tools were made by the as- 
tronauts out of the plastic covers of 
the shuttle flight log, a window 
shade, tubing, tape and other items 
scavenged from the shuttle’s cabin. 

After Discovery pulled away 
from the satellite, controllers gave 
Colonel Bobko a choice of return- 
ing to Earth on Wednesday or stay- 

(Cbntinued from Page l) 
to meet targets for reduction of 
spending and missed several inter- 
est payments. 

Mr. Garcia maintained that the 

system of casc-by-case renegotia- 
tion of Latin American del 

rngup untilFriday. 

onel Bobko said he would 
like more time than the three hours 
available Wednesday to complete 
cabin stowage work. 

Under tbe original plan, the 
flight was to have ended Wednes- 
day, after five days in orbit. Con- 

The failure of the lever to move . (rollers said the attempt to salvage 
indicated it had jammed. It was a the satellite would add one or two 
disappointment to Mission Control days to the mission. (AP, UPl) 

of Latin American debts 
through the IMF had not worked. 

“Because of our bad political 
formation, every one of our coun- 
tries began a bilateral treatment of 
the foreign debt," he said. 

IMF policies, be said, were “in- 
coherent" because they had been 
“inherited" from developed coun- 

The IMF has been used by the 
industrialized West, Mr. Garda 
added, to force open markets in 
developing countries for exports. 

“We have to reshape the game. 
Now only the debtors are paying 
the cost of the world crisis. This 
debt is an absurd promise of future 

“Latin America has to give a 
common answer” he said. “One 
country, by itself cannot pay its 
debt Only together win we be able 
to win better conditions in order to 

Mr. Garda said the Reagan ad- 
ministration erred by “seeing Latin 
America through Central America 
... which is a minor problem" 
compared with the economic diffi- 
culties of South America. 

He said that the Nicaraguan rev- 
olution was “a very important dem- 
ocratic advance . . . behind which 
you don't have to see the hand of 
the Soviet Union, as do some gen- 
tlemen of the State Department." 

Mr. Garcia acknowledged that 
there might be limitations on some 
rights in Nicaragua. Bui, he said, 
“you can't demand that from night 
to day, after decades of dictator- 
ship, that democratic norms be fol- 
lowed in their entirety." 

Mr. Papandreou said he would write to President Christos Sartzetakis 
seeking the election on June 2 or 9. His government’s term does not expire 
until October. If Mr. Sartzetakis agrees to the early dec cions, parliament 
will be dissolved early next month. 

For the Record 

U.S. and Soviet negotiators have been meeting in Helsinki since 
Monday for talks about stopping the proliferation of nuclear weapons, 
and will conclude their discussions Thursday, a U.S. official said Wednes- 
day- (Reuters) 

A forma- West German naval officer. Captain Wilhelm Rricbeobure, 
was sentenced to six years imprisonment Wednesday by a Munich court 
for spying for East Germany over a period of 14 years". ( Reuters) 

An Israeli soldier, David Ben-ShimoL, 18, was sentenced Wednesday to 
life imprisonment for killin g one person and wounding 10 in a rocket 
attack on an bus carrying Arabs on Oct. 28, 1984. (Reuters) 

- j 


last Decembers poison gas leak at Bhopal, India. Judge Keenan then 
Union Carbide and the Indian government to submit a plan for 
relief aid to him by May 8. (WP) 

Silatou alwasli “the link” 

On February 8th, 200 million people 
across the Arab world were joined together 
by words and pictures. 

Thanks to a brand new artificial moon, 
that's the Arabic idiom for satellite. 

It’s called Arabsat. 

It was conceived by Aerospatiale for 
22 member countries of the Arabsat 
organization, founded in 1976. 

Arabsat can simultaneously handle 
8,000 telephone oonvereatkris. Hus 
7 television channels. 

A special channel allows even the remotest 
villages to receive TV broadcasts. Price of 
admission: a ample, inexpensive antenna. 

Arabsat means telecommunications 
equal to the demands of the Arab world's 
rapidly expanding economies, 
ft means transmission of knowledge to 
people in remote areas. 

It also means providing the all important 
link between the Arab peoples today, and 
the 21st century. 

Arabsat and Aerospatiale. Partners in 


b p. 96 781 33 Les Mureaux Cede* - France 

theft’s specialthat’s aerospatiale. 



Page 3 

Texans Strive to Make Their JJtde Piece of Earth a Better Place 

D guerrilla 

Uj a merabcr of 

By Daic Russakoff 

Hr'ahnfium Post Smite 

EARTH, Teas — ' Whai cm 
Earth possessed such a speck of a 
town to same itsdf far something 
so vast? The people of Earth, a 
farm community between Plain- 
view and Muleshoc is (he Texas 
panhandle, are accustomed to (his 
question from travelers who also 
delight in snapping pictures of their 
city limits sign announcing: Earth. 
Population 1,513- 
The story goes that Earth’s 
founding families in the 1920s 
named it Faidawn, and then Tulsa, 
but were overruled by the U.S. 
Posul Service, which had awarded 
those names to other towns. 

some dirt and said, with feeling: 
“Ah, the good earth" 

In any case, the name today is no 

- - . 4 -- 

**I feel sure we’re the oily town 
in the United States called Earth," 

greater novelty to the people of 
Earth than Washington and Dal 


As KJB. Parish tells it, die com- 

munity got its name after a meeting 
which iu 

WES H:. ' 


tuuopia in y, 01 M=. 


>c southern Sudani S f 

Algerian IW 

in wtudi its founding fathers had 
spent hours trying in vain to find 
something to cal! their toujv. They 
emerged to find winds blowing so 
much dust that "it seemed the 
Earth itself was moving." a farmer 
is said to have remarked. 

"So they just decided to cell ii 
Earth." said Mr. Parish, a lifelong 
Earth Tanner. 

Another version, recounted by 
Blanche Hudson, 76, who writes a 
column for the local newspaper, 
holds that the came was chosen 
when an early settler scooped up 

are to their inhabitants. Mr. Parish 
said most people think about it 
only when they go out of town. 

“Someone asks where you're 
from, and they look at you like 
you're crazy when you say you're 
from Eanhi" he said. 

“It started getting really bad 
around the bmr of the space pro- 
gram." viicl his brother and part- 
ner. Doug Parish. “They’d say: 
■You’re from Earth? Great, we're 
from Mars.* ” 

"I id! people I'm from Earth and 
they say, ‘Where’s that?*" Mis. 
Hudson said. “I tell (hem it’s 18 
miles from Mukshoe." 

Muleshoc. the locals say, was 
named after a mule threw a shoe 
there many years ago. Halfway is 
halfway between Oltim and Plain- 
view. Quanerway is halfway from 
Halfway to Oldion. Then there are 
Need more. Levelland, Brownfield 
and ShaUowaler. all self-explana- 

As one might expect, almost ev- 
eryone in Earth lives off the flat 
land: raising cotton, com, wheat, 
cattle and soybeans, or selling 
equipment, fertilizer and services 
to those who do. 


PGP. . 1512 

fk-t .. f" 

AtAtmimi itffr 


Residents of Earth, Texas, have to endure jokes about the 
town's name as woD as hard times linked to the slump of the 
farm economy. "Earth is in terrible shape," a man said. 

As such. Earth is reeling from the 
same sagging prices and high inter- 
est rates that have convulsed the 
rest of the farm economy. Conver- 
sations at the local diner, where 
farmers gather in the late afternoon 
to gossip and talk of hard times, 
often sound even more cosmic than 
they are intended to be. 

“Earth is in terrible shape," said 

Carl Jones, remarking that farm- 
land around Earth today is worth 
less than half of its 1980 value. 

“Earth is starting to look like a 
ghost town," said K.B. Parish, re- 
ferring to boarded-up stores on the 
town’s half-mile-long Main Street. 

It frustrates Mrs. Hudson that 
Earth does not make more of its 

she said, suggesting that town lead- 
ers could draw more businesses by 
playing up the name. 

It was a iiule embarrassing on 
Earth Day last year, she said, when 
“a big newspaper up North" called 
to find out what the town was do- 
ing for the occasion. 

"We were doing nothing" she 
said. “We didn’t even know it was 
Eonh Day." 

But the experience raised the 
town’s consciousness, and this year 
residents declared “Dean Up 
Earth Days" in March, rallying stu- 
dents, merchants and others to 
sweep streets and alleys, rake leaves 
and prune uces. 

“Our goal is to make downtown 
Earth more attractive,” said a state- 
ment from the town organizers. "If 
a town ever needed cleaning. it’s 
Earth. Texas." 

Sponsored by Earth Merchants, 
a business group, the campaign was 
called “Loving Earth and letting it 

show." It apparently was a smasb- 
but, unfo 


ing success but, unfortunately, no 
big newspapers called Earth to ask 
about Earth Day this year. 

This was a bustling communi ty 
until 1942, when many men left 
Earth to fight in World’ War II. 

“Earth was at a standstill, but 

with the return of die servicemen. 
Earth began building again," ac- 
cording to “A History of Lamb 

A newspaper. The Earth Sun, 
was started. Then came the Earth 
News, which bought out its com- 
petitor. The owners agreed to re- 
tain the “Sun" in the ma st he ad. 
Mrs. Hudson recalled, after towns- 
people protested that they liked 
having two heavenly bodies in (heii 
newspaper name. 

Unconscious punning is a fact of 
life in Earth. While explaining the 

origins of the town's name, Mrs. 
Hudson digressed a bit. then scold- 
ed herself: “Oh, I got sidetracked. 
Back to Earth.” 

The Earth News-Sun reported a 
recent drop in local tax collections 
amid a statewide increase under the 
headline: “Sales Tax Collections 
Up; Earth Shows Decline." 

The Earth Agricultural Supply 
company advertises “Making 
Earth Grow" and the local morti- 
cian has been “caring for Earth 
families," he says, “since 1966." 
The Chamber of Commerce im- 
plores: “Try Earth First" The local 
rodeo, a little less unconsciously, 
calls itself “The Best little Ama- 
teur Rodeo cm Earth.” 

For visitors to Earth, the sendoff 
is: "Come back to Earth some- 

d shift toward a 
ie Soviet bloc. -°V 
• included full mil lLlrv . 

ousted m the earlv 

«* tat week iM* ? 

establishing, a 1 1 e . 
jned Thursday an d 
tned. Colonel Chad], ^ f 
uid respect" as he embark* 


U.S. Plan Would Expand 
Nicaraguan Rebel Forces 

lers Closely Li^ 

By Hedrick Smith 

.Vew York Tuna Smite 

House, presang for SI4 million in 
aid for Nicaraguan rebels, has told 
Congress that it wants to expand 
the size of the insurgent faces to 
put more pressure on the Nicara- 

expanding the rebel forces was de- 

scribed in the 22-page document 
cret” that 

marked "top secret” that was deliv- 
ered by the White House to con- 
gressional appropriations commit- 
tees and later made available to 
The New York Times. 

guan government. 
A document: 

of P 3 'i«iis with 
JS-devdop^eK brain ands-~ 
uncLThis is a tnuchhightn^. 

said Richard Pn«. 4 nan* 
*r Center id New York H » 
^ses he examined shimed * 
rmorv and language and i r. 
:ontrol muscles' 

Tuesday at an miemaiiiaj : , r 
‘orld Health Organimioo ai' 
-arolyn Britton of Columb&k 
, said neurological sympioon 
s 20 percent of paiienb 

s Election in Jmi 

lister Andreas PapandiwurfC-,:. 
Id ask tiui a general elctim^ 

rite to Pres -deni ChnMOjite 
tis government's term doom.': 
ees to the ear!> elections pit- 

been meeting in HdaoL : 


j proliferation of nudarwr 
jursdav. a I. S official sud® E 

Isenl to two congres- 
sional comntiitees earlier this 
month said the administration had 
fa now ruled out “direct applica- 
tion of U.S. military force* but 
warned that this coune "must real- 
istically be rerognaed as an even- 
tual option, given our stakes in the 
region, if other policy alternatives 

Pnblidy, President Ronald Rea- 
gan has given no indi cation of any 
dan to expand guenilla forces. 
Talking to trade association lobby- 
ists at a White House gathering 
Tuesday, he accused Congress of 
being “paralyzed over a mere S14 
million in humanitarian aid." 

Previously, Mr. Reagan had said 
that if the money were approved, 
humanitarian aid would be provid- 
ed to the rebels during a 60-day 
cease-fire. He said it would then be 
shifted to military aid if the San- 
dinist government did not reach a 
peace settlement with the rebels in 
that period. 

Reflecting the tough battle ex- 
pected over the president's request, 
the Republican leader in the Dem- 
ocratic-controDed House, Robert 
H. Michel of Illinois, urged Mr. 
Reagan on Tuesday to be ready to 

[After hearing Mr. Michel, Mr. 

The document indicated that the 
administration was moving on two 
levels. Publicly, negotiations are 
bring cast as the first priority. But 
the document contended that only 
the direa pressure brought by ex- 
panded rebel forces fighting on 
Nicaragua’s northern and southern 
borders could force the Sandinists 
to accept U.S. demands. 

“Assistance provided to the Nic- 
araguan democratic opposition will 
be structured so as to increase the 
size and effectiveness of its insur- 
gent forces to a point where their 
pressure convinces the Sandinista 
leadership that it has no alternative 
but to pursue a course of modera- 
tion," including major political 
concessions, the White House re- 
port to Congress said. 

The president's “determina- 
tion," or official request and justifi- 
cation to Congress for funds, set 
out the objective of resuming aid 
“at levels sufficient to create real 
pressure on the government of Nic- 
aragua {20,000- to 25,000-man in- 
surgent face in the noth and 
5,000-to 10,000- man force in the 

Administration officials now es- 
timate that the Nicaraguan Demo- 
cratic Force has 15,000 guerrillas 

U.S. Promotes Analyst Who Criticized Disabled 

By Keith B. Richburg 

Washington Post Sentte 
WASHINGTON — Education Secretary 
William J. Bennett has come under attack for 

l . 

section that said regulations that deal with 
the disabled have “probably weakened the 
quality of teaching and falsely labeled normal 

appointing a special assistant who wrote that 
the handies 

handicapped show “a strange lack of 
concern" for how the majority of people are 
affected by regulations created to help the 

Hie g pti-ini assistant for educational phi- 


losophy and practice, Eileen Marie Ga 

also wrote last year that in philosophical 
sponsible ! 


terms, the handicapped are responsi 
their condition. 

“They falsely assume that the lottery of life 
has pgnaliTed diem at random,” she wrote. 
"This is not so. Nothing comes to an individ- 
ual that he has not. at some point in his 
development, summoned." 

Senator Lowell P. Weicker Jr., Republican 
of Connecticut, waved a copy Tuesday of a 
May 1984 article written by Ms. Gardner for 
the Heritage Foundation. He quoted from a 

“1 find this the most incredible thing I've 
ever read as long as I've been in the U.S. 
Senate," Mr. Weicker said. “I've never seen 
such a callousness as long as I have been here 
In Washington.” 

He described his efforts to help his son, 
who was born with Down’s syndrome, a dis- 
order also known as mongolism that is char- 
acterized by physical abnormality and mental 

In the Heritage article. Ms. Gardner wrote 
that "the handicapped constituency displays 
a strange lack of concern for the effects of 
their regulations upon the welfare of the 
general population. 

Mr. Bennett called Mr. Wricker’s attack 
“character assassina tion." 

He said he had not read the Heritage Foun- 

dation report but that Ms. Gardner's view of 
the handicapped was "in the respected tradi- 
tions of theological thought” and represented 
"a fundamental doctrine of Christian existen- 

Mr. Bennett later issued a statement call- 
ing the controversy “ridiculous.” 

“She is a person of proven ability in educa- 
tional reform and improvement," Mr. Ben- 
nett said. “She win have no responsibility in 
the area of handicapped programs.” 

Ms. Gardner, a consultant in Mr. Bennett’s 
office, was chosen last month to become a 
special assistant in the Office of Educational 
Philosophy and Practice that is to be created 
soon. Her new job does not require Senate 

Ms. Gardner was unavailable for comment 
but was quoted in a March 6 edition of 
Education Daily as saying she would be in- 
volved in "setting the tone for the depart- 

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fighting from bases in Honduras on 
Nicaragua’s nonlx 

in Wilhelm Rods' 
b\ i M*s ! 
14 ffc 

mounding 10 D)^ 

«> ifc 

■bide Corp Tuflt- 
X " II should ® 

;> \o Jidthe**: 

dia. Judge 
. r .i ;o suhmit^P* 

‘yes' vote will signal new hope 
peace and a return to the original 
democratic promise of the Nicara- 
guan revolution,” United Press In- 
ternational reported. 

[“If Congress votes * 00 ,'” the 
. president said, "they will be send- 
* ing a message of desertion, a dear 
signal that the greatest democracy 
on Earth doesn’t care if commu- 
nism snuffs out the freedom of our 
neighbors and endangers our own 

The 'administration objective of 

iicaraguas northern border and 
that the Revolutionary Democratic 
Alliance has 5,000 guerrillas fight- 
ing along Nicaragua's southern 
border with Costa Rica. 

For the time bang, the White 
House said, the administration has 
ruled out two policy alternatives — 
either courses of anion “that would 
amount to acceptance of Sandinis- 
ta goals and abandonment of our 
own objectives" or “direa applica- 
tion of U.S. military force.” 

But it added that the latter “must 
realistically be recognized as an 
eventual option, given our stakes in 
the region, if other policy alterna- 
tives fail." 


Mrs. Hods Mahomed Abdul Rah- 
man, born Ayas and ha children 
Hadi and Hala; Mr. and Mrs. Ata 
Dalloul and (heir children; Mrs. 
Mona Habbal and her children; Mr. 
and Mrs. Bourhan Adham and their 
children; Mr. and Mrs. Aboudi Abd- 
ul Rahman; Mr. Mohamcd Ayas; 
Mr. and Mrs. Said Ayas and their 
children; Mr. Muhieddine Ayas; Mr. 
and Mis. Jamal Bohsali and their 
lers. As well as the families 
luL Rahman, Ayas, Daouk, 
Habbal, Adham, Abdul Faltah. 
Cboublak, pare n ts, relations and 
friends regret to announce the death 

Mr. Mohamed Abdul Rahman 
their dearest husband, father, par- 
ents and friend who passed away oo 
April 16. 1985. 

The service will take place at I pan. 
on Thursday April 18 at the Fetii- 
Saoonnex mosque, where the body 
wiD be at rescThe burial will follow 
in the cemetaiy of Pem-Saconnex. 
Residence: 89 Ave. de Collex - 1293 

Friends will accept this as the only 
official notice. 





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Pretoria Says U.S. Acknowledges Refor 

The Associated Press 

CAPETOWN — Foreign Minis- 
ter RJF. Botha said Wednesday 
that he was pleased with an ac- 
knowledgment by the U.S. secre- 
tary of state. George P. Shultz, that 
South Africa is attempting to push 
ahead with race reform. 

Mr. Shultz, speaking Tuesday to 
the National Press Chib in Wash- 
ington, criticized the slow pace of 
change in South Africa but general- 
ly emphasized “a good measure of 
progress.” . 

Mr. Botha said that the United 
States “is displaying an attitude of 
expecting certain standards from 
the South African government 
which are not expected from any 
other government in Africa.” 

But the forrign minister said Mr. 
Shultz made it dear that Lhe U-S. 
gov eminent has “an understanding 
For the problems” faced by the 
South African government. 

■ Shultz Seeks Policy Support 

Don Oberdorfer of The Washing- 
ton Post reported earlier from Wash- 
ington : 

Mr. Shultz, in his speech Tues- 
day, declared that South Africa’s 
white government “has crossed a 
historical divide” toward reform of 
its racial policies and he appealed 
to Americans to support the Rea- 
gan administration's embattled po- 
licy of “constructive engagement" 

Mr. Shultz used the address to 
begin an administration drive to 
stop passage of legislation ordering 
Ui. economic sanctions a ga i n st 
South Africa because of apartheid, 
its system of race segregation. 

His appeal on South Africa, the 
most extensive cabinet-level state- 
ment on the subject in the Reagan 

a dminis t ratio n, ramg as pressure 

for economic sanctions against 
South Africa increased in Con- 

Senator Edward M. Kennedy, 
Democrat of Massachusetts, and 
Senator Lowell P. Weicker Jr.. Re- 
publican of Connecticut, urged the 
Senate Banking. Housing and Ur- 
ban Affairs Committee to approve 
.a four-point compulsory sanctions 
bill that has extensive congressio- 
nal support. 

Mr. Kennedy, who toured South 
Africa last January, reported that 
he found “increasing hostility to- 
ward the United States” among 
blacks, who are taking the new that 
under its current policies, “the 
United States will be the last coun- 
try to go down with apartheid” 
when that system inevitably col- 
lapses. Many U.S. companies have 
large investments in South Africa. 

Mr. Shultz charged that U.S. ac- 
tion against South Africa would be 
“ineffectual actions that are more 
likely to strengthen resistance to 

strenjEthen the forces ca administers in defiance of the l jilt? 

United Nations. \i 1 

change than 
of reform.’' 

He said that “the only course 
consistent with American values is 
to en g a g e ourselves as a force for 
constructive, peaceful change. 

“It is not our business to cheer 
on, from the sidelines, the forces of 
polarization that could erupt in a 
race war,” he said. “It is not our job 
to exacerbate hardship, which 
could lead to the same result." 

In arg uing that the United States 
must work constructively with the 
South African government and the 
white majority. Mr. Shultz said: 

“If we recognize that white opin- 
ion holds vital keys to change, then 
we must also recognize that change 
must originate in shifts in white 

“In this regard, in the past three 
years, the white government has 
crossed a historical divide: It has 
been willing to accept major defec- 
tions from its own ranks in order to 
begin to offer a better political, 
economic and soda] deal to the 
nation’s black majority.” 

In a related development. State 
Department sources said the Unit- 
ed States has made strong represen- 
tations to South Africa against a 
plan to recognize an interim inter- 
nal government in South-West Af- 
rica, or Namibia, which South Afri- 

If South Africa recognizes such a* t .ytt 

government later this week, as is if J ..* ' 
expected, the United States wiU '4 
consider such action “null and 
void” and without relevance to . 
longstanding international negotia- 
lions about Namibia's future, the - 
officials said. Mr. Shultz, in answer 
to a question, said any such Na- 
mibian government would “have 
no standing." 

■ Angola Pullout Completed 

South African troops withdrew 
from southern Angola mto Namib- 
ia, the territory also known as Na- - 
mibia, officials said Wednesday, •• 

United Press International report- 
ed from Johannesburg. 

In Cape Town, meanwhile. Pres- ' . • 
ideat Pieter W. Botha met Namib- ' ' •_ . 
ian political leaders to discuss their 
proposal for a preindependence in- - 
rerim administration, the officials 

■ More Violence Reported 

Officials said Wednesday that 

South African riotpolice fired tear . 
gas and rubber bullets when blacks : 
in Uitenhage, in the eastern part of 
Cape province, threw gasoline ' 
bombs and stoned houses, cars and ■- 
a shop during the night, Reuters 
reported. A black man was found 
dead. ^ • ' 

Crossroads Blacks Begin 
Move to New Settlement 

By Richard Bernstein 

Sew York Times Service 

CROSSROADS, South Africa 
— Residents of this sprawling 
shantytown of tin sheets and padr- 
ing-crate wood have begun disman- 
tling their homes and preparing to 

Eventually, South African offi- 
cials hope, all of the roughly 
100,000 people in tins camp of tol- 
erated illegality near Cape Town 
will move to Khayelitsha, a place of 
flattened sand dunes about five 
miles (eight kilometers) away 
where 7,000 square cement plat- 
forms have been embedded into the 
ground to accommodate the recon- 
structed shacks. 

And so, on Monday morning, a 
controlled pandemonium began in 
this vast and squalid encampment 
that authorities have been battling 
to remove for a decade. 

Along the main road, the first 
strip of shacks underwent rapid de- 
molition as residents used crowbars 
and hammers to pry roofs apart 
from walls. Within minutes, homes 
that had provided frail shelter to 
sometimes mere than a dozen per- 
sons the night before were reduced 
to heaps of what would look like 
debris in the whitcs-only areas of 
this country. 

The piles, along with cabinets, 
pots and pans, suitcases, the occa- 
sional battered chest of drawers 
and other possessions were loaded 
on to government trucks that then 
rumbled down the dusty road to- 
ward Khayelitsha. Within a few 
days, that desolate expanse is likely 
to resemble the present Crossroads. 

Supervising the procedures are 
white men bolding clipboards who,- 
as each move is completed, enter 
the coveted stamp granting 18 
months of legal residency in each 
individual’s passbook. 

The beginning of the controlled 
migration of poor Hack squatters 
from Crossroads to Khayeulsha is 
the culmination of a long, difficult 
and sometimes violent process be- 
gun a few months ago by the South 
African government, a process inti- 
mately related to the system of ra- 
cial segregation that requires 
blacks to have special permits to 
live near white areas. 

Most of the Crossroads inhabit- 
ants originally refused to leave. 

Black residents complained that 
Khayelitsha was too far from Cape 
Town, where many of them have 
jobs, and said they could not afford 
steeper bus fares. 

In February, rumors of a forced 
eviction brought riots in which 18 
people were lolled. Since then the 
government has promised those 
who agreed to move that they 
would receive 18-month permits to 
reside in the Cape Town area as 
well as the right to hold jobs there. 

As a result, 42,000 Crossroads 
residents have agreed in the past 
several weeks to move to the new 
squatter camp. 

“I can’t refuse to do this,” said 
Isaac Gwiliza, the leader of one 
community of 6,000 people in 
Crossroads. “I’ve got no rights to 
live in Cape Town. 

“If the government gives me 18 
months to stay here and build up 
my own house.” he added, “why 
should I refuse? I’ve got nothing." 

The South African authorities 
say the resettlement policy is a rea- 
sonable way of improving the lives 
of Cape Town’s black squatters. 
Rather than using coercion to move 
the squatters, officials say, they 
have persuaded them that Khaye- 
litsha represents an improvement 
over Crossroads. 

“First of all, I offered them to go 
and have a look to see what they 
will have there that they don’t have 
here,” said Tuno Bezuidenhoud, 
who is in charge of the operation. 

Among Khayelitsha’s advan- 
tages are schools, a modem clinic 
two soccer fields and a community 
hall, be said. Like Crossroads. 
Khayelitsha will have no electric- 
ity, Hit it will feature regularly 

y-r*- ; | 

Iba Now York Tmau ~ j 

A child looks after his parents’ luggage before being moved y$k . . j 
from tire Crossroads camp to a govermnent-approved site. :’ i \ . ; !< 

j:- r; 

UN Protests to Somalia 


” -/ it 

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spaced outhouses, one water spigot 
for every 10 families, and about 700 
square feet (63 square meters) of 
sandy area for each house — all for 
a monthly rent of about S7 a 

As for the residency permits, Mr. 
Bezuidenhoud said “tne situation 
will be reviewed” after 18 months. 
The government has promised that 
no one win be deported after the 
permits expire. 

The vacated land at Crossroads 
will be improved for older resi- 
dents, who are not being asked to 

“South Africa is the only place in 
the world where we negotiate with 
squ atters," Mr. Bezuidenhoud said. 
“This is the only country in Africa 
that is handling its squatter prob- 
lem by meanjj of a urban renewal 
policy." ! 

26 Hurt on Train in Rockies 

United Press international 

GRANBY, Colorado — Am- 
trak’s California Zephyr hit a 
mudslide, jumped the tracks, and 
four of its cars plunged into a can- 
yon in the Colorado Rockies, injur- 
ing 26 of the 147 people aboard, the 
authorities said. 

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By Iain Guest 

International Herald Tribune 

GENEVA — The United Na- 
tions secretary-general, Javier Ffe- 
rez de Curiiar, has told the govern- 
ment of Somalia that its use of an 
unfavorable rate of exchange in its 
dealings with UN agencies is jeop- 
ardizing funding for hundreds of 
thousands of refugees in the coun- 

Mr. Pfcrez de Cu&Uar’s protest, 
sent March 23 in a personal cable 
to the Somali president, Moham- 
med Siad Barns, was rejected four 
days later by Mr. Siad Bams. The 
Somali leader replied that if UN 
agencies were given “favored sta- 
tus" it could “adversely affect" So- 
malia’s economic plans. 

The exchange of rabies between 
the UN secretary-general and the 
president, made available to the 
International Herald Tribune, was 
described as “highly unusual” by 
Western diplomats' accredited to 
the United Nations in Geneva. 

Somalia, one of the poorest 
countries in Africa, is suffering an 
economic crisis, partly caused by 
the presence of several hundred 
thousand refugees from Ethiopia. 

The flood of refugees has also 
resulted in considerable relief assis- 
tance to Somalia from Western 
government and UN agencies. The 
office of the UN High Commis- 
sioner for Refugees plans this year 
to spend $48 million in So malia 

The protest was triggered by So- 
malia’s devaluation last month of 
its currency, the s hilling as part of 
an economic restructuring program 
proposed by the International 
Monetary Fund. The devaluation 
was followed by the introduction of 
two official rates of exchange. 

UN agencies and forrign embas- 
sies have since been receiving 36 
Somali shillings to the dollar in- 
stead of the market rate 61 81 shil- 
lings. The old single rate was 16 to 
the dollar. 

This policy. Mr. Perez de Cufiliar 
said, had effectively “imposed a 
tOO percent lax” on UN agencies. 
He added that the exchange prob- 
m ■ P r 9udiced" the ability of the 
United Nations to continue aid to 
hundreds of thousands of persons 
in Somalia, including refugees, who 
wane in need of food, drags, and 
other essential items. ^ 

Diplomatic sources said the 
United Nations High Commission 
for Refugees and the United Na- 
tions Development Program were 
considering suspending some pro- 
grams if the Somali government 
insisted on its position. The diplo- 
mats added, however, that suspen- 
sion of emergency drugs or food to 
refugees would only be done as a 
last resort. 

The UN secretary-general also 
said the Somali government ap- 
peared to be violating a 1977 agree- 
ment between the world organiza- 
tion and Somalia that UN funds 
were to be converted into local cur- 
rency at the most favorable ex-^ 
change rate. " 

Mr. Perez de Cuttlar said in his 
cable that no oiIict country had 
sought to have the United Nations 
accept an unfavorable exchange 
rate as Somalia was doing. 

A Western diplomat in Geneva 
said that development assistance 
from donor governments would 
also apparently be subject to the 
lower rate of 36 shilling s to the 
dollar but that nongovernment vol- 
untary agencies working in Somalia 
were receiving the higher rate: 

Diplomats said Western donors 
were likely to reject the Somali 
move since they interpreted it as an 
attempt by the government to use 
emergency aid to gain forrign ex- ae 

One noted, however, that donor 
governments did not generally have 
the same legal agreements on ex- 
change rates as the United Nations 
did with recipients of aid. 

Aid from multilateral agencies 
and governments accounts for 
much of Somalia’s forrign ex- 
change earnings. According to fig- 
ures from the Organization for 
Economic Cooperation and Devel- 
opment, Somalia received 5382 
million in development assistance 
“ 1982, almost one-third of its 
gross national product. 

The Somali ambassador to the 
^“^Nations in Geneva, Fatuma 
Isak Bihi. said Tuesday that U.S. 
delegates had expressed concern to 

about the new exchange-rale 
POhcy,bui she said it was “unfair” 
that UN agencies and embassies 
“ould receive a rate of exchange 

not favorable” to Somalia. ' 

& •« ;* : 

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Page 5 

In Northern 
Ireland Hits 
10-Year Low 

South Afriwa? 

4n nni:.:,.. . - 


S 3 ” a,ta *SSSSg 

■ More Violence^ 

, OfGcials iai d Jr*"* 
*°uth African rionS^v .. 
5as and rubbahuiu^ r <C 
n Uitenhagc, in 
-ape province iW lEfll fai 
*■*» and sio^ fc ■£ 

i shop during vhe 

sported. A Rfc 

lead. acktB ^^ 

TTif WiKH.’idttf ^nn 

BELFAST — Terrorism in 
Northern Ireland fdl last yeario its 
lowest Icvd in rave than a decade, 
the province’s police chief said in 
his annual report published Tues- 

Sir John Hennon, chief consta- 
ble of the Royal Ulster Constabu- 
lary, wrote tliat while ‘‘significant 
progress has been made, the situa- 
tion is stiG unacceptable." 


Sixty-four people, including nine 
, policemen, were killed during 
~ 1984; that was the lowest number 
since 1972, when 467 people died. 
In all other respects, 1984 was the 
least violent year since 1970, Sir 
John said. 

Northern Ireland has suffered vi- 
olence involving Roman Catholic 
and Protestant paramilitary 
groups. The minority Roman Cath- 
olics seek to unite the province with 
the Irish Republic, while the major- 
ity Protes uuus worn to remain un- 
der British rule. 

In his report. Sir John said, *The 
terrorist threat still occupies our 
in efforts and pervade our daily 
ves; the political impasse and sec- 
tarian divisions impinge adversely 
on our role, and the depressed eco- 
nomic situation exacerbates crimi- 
nality generally." 

He condemned the 44 beatings 
by guerrilla organizations in 1984 
as "a brutal, barbaric contortion of 
justice involving the use of hurley 
sticks or baseball bats, sometimes 
studded with nails. 

BORDER SWEEP — East German solders with mine 
detectors sweep the “death strip” near the West Ger- 

man town of Coburg in northern Bavaria. East Germany 
is deactivating the mines and erecting new fences. 

French Communists Assail New Law 

PARIS — The French Commu- 
nist Party, once the junior partner 
in government with President 
Francois Mitterrand's Socialist 
Party, has launched its strongest 
attack yet on its former allies. 

The party's political bureau de- 
nounced the Socialists for adopting 
a form of proportional representa- 
tion for parliamentary elections in 

of French people live a poor life.” 

It said disastrous economic and 
social policies were now coupled 
with an attack on democracy. 

"The electoral law for 1986 is 
marked by its capacity to weaken 
the Communist Party while favor- 
ing the old-style political group- 
ings," the statement said. 

Political analysts say the new 
system will have the effect of en- 

larging the National Assembly, 
while leaving smaller groups such 
as the Communist Parry with pro- 
portionately fewer seats. 

The Socialists and the rigbi-of- 
center Rally for the Republic and 

Union for French Democracy par- 

ties stand to gain more seats, 
two rightist parties have signed an 
electoral cooperation agreement 
for 1986. 

1986 that is likely to hurt minority 

parties like the 

The Communists took pan in the 
"union of the left" that swept the 
right out of office in the 1981 presi- 
dential elections and the parlia- 
mentary elections that followed. 

But the Communists, who had 
four ministers in the government of 
Prime Minister Pierre Mauroy, 
withdrew in July because of dis- 
agreements with' the Socialists on 
economic and social polities. 

The Communist statement, is- 
sued Tuesday, said: "The situation 
is not getting any better. Minions 



Desigried by Evelyn Paswall 

APRIL 24-28, 1985 • HALLE 8 - BOOTH BOA-41 



France Joins Call for Radical Change at UNESCO 


"Nothing less than broken limbs 
and battered bodies satisfy the 
power lust of the paramilitary god- 
fathers who control such activities, 
despite their hypocritical utter- 
ances about justice and fair play." 

PARIS — France has joined oth- 
er Western nations in callin g for a 
radical overhaul of UNESCO amid 
controversy over the resignation of 
the agency's deputy director-gen- 
eral Gerard Bolla. 

The French minister for external 
relations, Roland Dumas, railed 
Tuesday on the United Nations 
Educational, Scientific and Cultur- 
al Organization to implement swift 
reforms and to avoid political de- 

He told the 15(1 members of the 


French Commission on UNESCO 
that UNESCO should strive to 
maintain ideological neutrality “to 
avoid the politicization of debate" 
that he said “can only lead to con- 
fusion, even to the disappearance 
of the ofKjmizaiion. 1 ' 

It was France's stiffest rebuke to 
UNESCO. When the United States 
withdrew from the agency in De- 
cember, depriving it of 25 percent 
of its budget. France offered S2 
million to help make up the short- 

Washington had accused UNES- 
CO of anu- Western bias, misman- 
agement and overpoljticizadon. 

Mr. Dumas’s plea for change oc- 
curred as Mr. Bolla, UNESCO's 
chief spokesman, said he was re- 
signing alter a disagreement with 
the director-general. Amadou 
Mahtar M’Bow, over his contract. 

Mr. Bolla, a Swiss national said 
Mr. M'Bow refused to extend his 
contract through next month, when 
UNESCO's executive board will 
meet for talks on reforms and bud- 
get cuts. 

Western diplomats said Mr. Sol- 
la's role in a committee on reforms 
caused problems with the Senega- 
lese director-general. 

The committee was to meet 

Wednesday ahead of the executive 
board session next month. UNES- 
CO's general conference is sched- 
uled for Sofia in October. 

As well as looking at changes 
demanded by Western members, 
the meeting next month is due to 
take up the problem of the budget 
shortage caused by the U.S. with- 

Britain and Singapore have said 
they intend to leave UNESCO at 
the end of this year unless there is 
significant reform. West Germany, 
Japan and the Netherlands have 
also voiced objections to its polities 
and management. 

luggage before being mu 
a government-approved® 

to Somalia 

ange Mate 





tll show you. 



Bonn Criticizes U.S. System to Identify Jets 


juries at! 
the Ihriej' 
ut PrograD i* 
mdmi intr 
mall scene 
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nh bite: 

ivennas : 
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haiVN fc 

BONN — Defense Minister 
Manfred Warner told 8 parliamen- 
tary committee Wednesday that 
West Germany would veto a U.S. 
electronic identification system for 
NATO combat planes unless it 
*were substantially modified. 

Mr. WOrner had been called be- 
fore the parliament's Defense 
Committee to explain why he had 
dropped his backing for a West 
Ge rman system that many ex 
in the North Atlantic Treaty 
nization consider superior' to 
U.S. system. 

The committee chairman. Alfred 
Biehle, said Mr. WOrner assured 
members that Bonn was insisting 
on a full share in the development 
of the U.S. system and would ap- 
prove it only if it were modified to 
eliminate any danger to civil air 

and some members of the ruling 

center-right coalition have accui 
him of betraying national interests. 
They contend he should have in- 
sisted on a system designed by the 
West German company Siemens, 
which operates on different fre- 

Electronic identification systems 
use radio signals to distinguish be- 
tween enemy and allied planes. 

Mr. WOrner insisted he was 
forced to drop support for the Sie- 
mens system because the United 
States considered it too expensive 
and Bonn had no backing from its 
European allies. 

Mr. Biehle Quoted him as saying, 
it ne had not agreed to 

Western nations now me differing 

systems, which could cause NA* 
to shoot down its own planes. 

All NATO countries agree that a 
uniform sygtem is needed, but pro- 
gress toward establishing one had 
been deadlocked by West German 
lobbying for the Siemens system. 

however, that 
the proposed U.S. alternative, 
Mark 15, but had agnwt in princi- 
ple to work toward a compromise. 

He said that the U.S. defense 
secretary, Caspar W. Weinberger 
had fetid Mr. WOrner that West 
Germany would be able to partici- 

pate fully in development of a U.S. 

would be compensated 

system and would 
in arras orders for its investment in 
the Siemens research. 

In Frankfurt 

stay where the business world stays. 
At the great hotel they know best. 








Wilhelm-Leuschner-Strasse 43, 6000 Frankfurt, (069) 230561, Telex: 0-413639 
For reservations call: London: (01) 491-7181, Paris: (01) 742-07-92. 
Amsterdam: (020) 262021 

Mr. W6mer was criticized upon 
his return from Washington earlier 
this month after the Pentagon an- 
nounced he had consented to an 
electronic identification system 
that uses the band D radio frequen- 
cy used by civil air communica- 
tions. The United Slates calls its 
system Identification Friend or 
Foe, or IFF. 

Opposition Social Democrats 

noraWf ■ ", 

ir saiilc 
whip ■ 


'T - 



Canon are to be congratulated, 
first and foremost for taking 
what must be one of the most 
complicated systems around 
and reducing its control to a 
simplicity that literally has to he 
seen to be believed/ 


‘35mm Photography’ expressed their amazement 
when faced with 

the brilliant T70. 


Wr |l: . ' 





"EufOP e ' s 


, , K -ns*E s , 


; - xj 

Canon \ 

European camera of the year <SM. V 

22 l 

listen to your mother. 

All that good advice doesn't 
have to be a thing of the past just 
because you're apart. Keep in 
touch with your family by phone. 
You'll stay close even though 
they’re in the States. 


Page 6 


Hera lb 



PobrnbM) WIih The Pw Yorit Thow nd The Washington Foal 

Aid and Family Planning 

Conservative groups opposed to family 
pl annin g have t umed their fire on the adxmnis- 
.trator of the U.S. Agency for International 
“Development, Peter McPherson. What they 
are tiying to do is block humanitarian assis- 
tance to some of the world's neediest people. 

In a recent meeting with Mr. McPherson, 
the Stanton Group, a coalition of about 40 
conservative groups, denounced continued 
U.S. support for United Nations population 
aid programs. Following up on complaints to 
the president by Senator Jesse Helms, Repre- 
sentative Jack Kemp and others, spokesmen 
for the coalition charged that Mr. McPherson 
ignored an amendment passed by Congress 
last fall when he released part of a U.S. grant 
to the UN Fund for Population Activities. 

But the legislation in question was specifi- 
cally drafted, after thorough House debate, to 
allow continued U.5. grants to the UNFPA 
The language only prohibits granting money 
directly to organizations or countries that sup- 
port coerced abortion. The UNFPA does not 
support voluntary abortions, much less co- 
erced ones, but conservatives argue that the 
organization is tainted because it gives several 
million dollars to China for other specified 
purposes. Actually, amendments that could 
have blocked all commerce with China were 
specifically rejected in Congress. It earmarked 
$46 millio n for the UNFPA after the debate. 

Given this clear directive. Mr. McPherson's 

agency had no choice but to release the money. 
It is probably exceeding its discretion in with- 
holding $10 million from the UNFPA to signal 
its disapproval of reported coercive practices 
in China. Bui this nicety does not slow down 
the conservatives, who have made it increas- 
ingly clear that their real target is any form 
of family planning aid. Recently, Faith Whitt- 
lesey, a presidential assistant, wrote Mr. Rea- 
gan on behalf of “one of the president's key 
constituencies" to express disapproval of AID 
policy giving grants to contractors and agen- 
cies that promote “unnatural chemical or me- 
chanical measures” for birth control. 

Since U.S. law has long forbidden support 
for any form of abortion, these “unnatural" 
methods are nothing but the same forms of 
birth control used by the great majority of U.S. 
women of childbearing age. The groups whose 
cause is bring pressed would deny to some of 
the world’s poorest people the ability to deter- 
mine the number and spacing of their children. 
That is a choice essential to improving the 
health and well-being of families and to reduc- 
ing resort (o abortion and infanticide. 

This is cruel. But so is the Stanton Group’s 
attempt to end aid to starving people in Ethio- 
pia and Mozambique because they are unfor- 
tunate enough to have Marxist governments. 
To its credit, the Reagan administration has 
thus far rejected these mean-spirited demands. 


Honoring German Victims 

As he now concedes. President Ronald Rea- 
gan has made a mess ol bis symbolic journey to 
West Germany next month. But his latest 
remedy perpetuates the moral confusion. Even 
if he finally visits a former concentration 
camp, that would hardly offset a tribute at a 
cemetery containing the graves of SS troopers 
who ran the death camps. The victims and the 
butchers of Nazism are not equitable. 

There is no doubt about Mr. Reagan's sensi- 
tivity to the Holocaust; he's been seen crying 
at evocations of the slaughter of 6 million 
Jews. There is. no doubt, either, about his 
devotion to the memory of Americans killed 
by Germans in World War II. Why then did he 
so tenaciously resist visiting Dachau and why 
does be insist even now that Chancellor Hel- 
mut Kohl commands his schedule? 

The charitable explanation is an inordinate 
desire not to offend a host The deeper reason 
is a lack of comprehension, of German atti- 
tudes and Mr. Kohl's interpretations of them. 

Mr. Reagan said Tuesday that he wants “to 
use this visit ... to co mmem orate not amply 
the military victory of 40 years ago but the 
liberation of Europe, the rebirth of German 
freedom and reconciliation of our countries.” 

Indeed, for months Mr. Reagan insisted that 
he would do nothing to burden Germans with 
their Nazi past Hie fixation had two inspira- 
tions. One was his regret that Mr. Kohl was 
excluded from D-Day commemorations in 
Normandy last year. The other was dismay 
that rite Russians are using the 40th anniversa- 
ry of V-E Day, May 8. to assail today’s Ger- 
man-American alliance as “warlike." 

Looking to soothe a friend and to defy an 
adversary, Mr. Reagan closed his mind to 
serious unders tanding of sentiment in both 
societies. He now says he thought Dachau 
would not fit into an “official agenda.” A 
month ago he gave a still more foolish reason: 
that there were “very few” Germans still alive 
who “remember even the war," let alone who 
committed atrocities against Jews. This from a 
man who was 34 years old in 1945. 

When Bitburg cemetery appeared on the 
schedule last week, enraging the American 
Legion, the president gave orders to let the 
protest run awhile, to gauge its depth. And 
when American Jews protested that Bitburg 
turned a Holocaust slight into a grievous in- 
sult, be thought he could appease them with a 
visit to a German synagogue. 

Even if Mr. Kohl were cool to Dachau and 
stubborn about Bitburg, there was always a 
respectful American response. The anniversa- 
ry of the end of World War U, as the chancel- 
lor says, is the anniversary of Germany’s re- 
birth. It commemorates the spiritual liberation 
of Germans no less than the physical libera- 
tion of the skeletal figures who stumbled out of 
Dachau. Any meaningful tribute to German 
democracy is e nhan ced by recollections of 
Germany’s madness and destruction. 

This sad episode shows how much the presi- 
dent values symbols. To get them right he has 
to insist that his hosts take him to a camp after 
all, and to a war memorial that honors not 
Nazi butchers but Germans who were, like 
many Americans, their victims. 


The Dollar Slides, Gently 

The dollar’s exchange rate has now been 
sliding downward for six weeks. It has been a 
rather rapid decline, but it has been orderly 
and serene. The exchange rate is back roughly 
where it was late last autumn — still too hi g h , 
but moving in the right direction. 

For this improvement, much of the credit 
goes to Ohio and the crisis in its Savings and 
Loans. That was the event that brought the 
dollar off its perilous high in early March. The 
rumors of impending failures, and the Ohio 
governor’s dramatic decision to dose the state- 
insured S&Ls, caught the attention of foreign 
investors and set them to wondering whether 
they really wanted to keep pouring their mon- 
ey into institutions in the United States. 

By pure luck, the Ohio affair was a crisis of 
just the right size. It was sufficiently serious to 
make money managers a little more cautious 
about piling up their dollar holdings endlessly. 
But it did not do much permanent damage. It 
broke (be momentum of a speculative surge 
into the dollar. But it did not set off a panic, or 
stan the flight from the dollar that has become 
the nightmare haunting mismanaged foreign 
accounts in the United Stales. 

As financial earthquakes go. this one was 
considered to rate low on the Richter scale. 
Everybody felt the tremors; there was some 
broken glass but no real structural damage. 

Next the Commerce Department published 
the first preliminary estimate of the country's 
economic growth rate in the fust quarter of 

this year. It turned out to be much lower Lhan 
most investors had expected and warned them 
that the prospects for profits here might not be 
quire so certain as they had thought The dollar 
kept declining, albeit slowly. 

No one knows whether it will keep going 
down or, once again, reverse itself. The rate is 
being set in the daily trading of currencies 
throughout the world and no authority con- 
trols it. The dollar is still substantially overval- 
ued in terms of the goods that Americans buy 
and selL If it continues to drop, the effects will 
depend on timing and the relation to action on 
the federal budget deficit here in Washington. 

If the administration succeeds in reducing 
the budget deficit and the Treasury no longer 
needs to borrow at the present gigantic pace, 
interest rates in the United States win come 
down and the foreign money bags, looking for 
high returns, will go elsewhere. 

But if the dollar drops while the federal 
government is still running deficits over $200 
billion a year, the consequences will be un- 
pleasant. A falling dollar will frighten off the 
foreign investors who have been sending their 
money here. In the absence of the money' that 
they have been pouring into U.S. credit mar- 
kets, interest rates here will rise sharply and 
threaten another severe recession. The finan- 
cial movements can swing very fast while, 
unfortunately, the administration is making 
only slow progress with the budget. 



1910: Governor Killed in China Riot 
SHANGHAI — According to the latest ad- 
vices from Chang-Sha, the city is in flames, the 
Governor has been killed and his official resi- 
dence destroyed, and all the officials have fled. 
The Chinese officials issued a notification to 
the effect that they were unable to protea 
foreign life and property. This message was 
probably the signal for a general exodus. Six 
thousand troops are at Chang-Sha. A few of 
these protected the Governor's residence at 
first, but they subsequently joined the rioters. 
All foreign -owned buildings and shipping 
hulks have been destroyed by fire and build- 
ings rented by foreigners have been looted. 
There have ban minor riots at Honkow, and 
strikes have been declared at the tea factories. 

1935: Louisiana Seizes Federal Aid 
BATON ROUGE — The Louisiana Legisla- 
ture virtually declared war against the United 
Stales [on April 17] when the Lower House, 
taking up the threat of Interior Secretary Har- 
old L. I ekes to Senator Huey P. Long's politi- 
cal domination of the state, passed a bill to 
seize control of all Federal relief money com- 
ing to the stale. Secretary lekes threatened to 
withdraw $1,800,000 which the Public Works 
Administration allotted to the New Orleans 
Sewer and Water Board if Senator Long dis- 
solved it under the dictatorial powers the State 
Legislature granted him. The Louisiana Na- 
tional Guard is patrolling the Legislative corri- 
dors, as Baton Rouge has been under martial 
law since the anti-Long revolt in January. 


JOHN HA Y WHITNEY. Chairma n 1958-1982 




LEE W. HUEBNER, Publisher 

Executive Editor REN£ BONDY Deputy Publisher 

Editor ALAIN LECOUR Associate Publisher 

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Deputy Editor STEPHAN W. CONAWAY Director cf Operations 

Associate Editor FRANCOIS DESMAISONS Director of Cimilatm 

ROLF D. KRANEPUHL Director of Adver tisin g Seda 
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The Advantages of Going Back to Bretton Woods 

P ARIS — No one should accuse 
the Reagan adminis tration of 
consistency for consistency's sake. 
After months of saying a loud “No!" 
to European demands to do some- 
thing about the overvalued dollar, the 
administration, in the person of Trea- 
sury Secretary James A Baker 3d. 
last week sent out a call for a new 
international monetary conference. 

On March 25, at a breakfast with 
reporters. President Ronald Reagan 
had firmly rejected the idea. 

“This (talk of monetary reform) 
has come up before in international 
meetings.” Mr. Reagan said. “There 
are others that look back at Bretton 
Woods and ... wonder should we 
take another look and see (if) there 
have been distortions, or whether 
something better can be worked out” 
Yet, in a surprise move 18 days 
later, Mr. Baker told the 24-nation 
Organization of Economic Coopera- 
tion and Development here that the 
United States is willing to consider 
hosting a high-level conference “to 
strengthen the current system,” if it is 
convinced it would be of value. 

To be sure, the idea is a bit vague, 
and is put forward only to patch, fix 
or improve the present system, not to 
overthrow it for something brand- 
new. Something more radical is pro- 
posed by advocates of a full-scale, 
Bretton Woods-style conference, like 
the first one in 1944 that not only 
created a monetary system from 
scratch, but launched the still-exist- 
ing International Monetary Fund 
and World Bank. However Mr. Bak- 
er's vista is much narrower. 

By Hobart Rowen 

Nonetheless, the administration 
has made a baric and important 
change in pobey. It did so deliberate- 
ly. as one nigh official said privately, 
“topre-empt the French.” 

For the past two years, President 
Francois Mitterrand of France has 
desperately tried to get the world to 
gp back to the fixed exchange rates 

After Mr. Mitterrand proposed a 
Bretton Woods II in 1983, the sum- 
mit countries chartered a study of the 
monetary system by the finance min- 
isters of the 11 leading nations. With 
this report about finished and sensing 
sober concerns about instability of 
the monetary system, Mr. Baker con- 
sulted White House Chief of Staff 

When the rate of the dollar precipitates a crisis 
similar to theDepressionm the farm economy and 
makes competitive mincemeat out of highly efficient 
modem industries, something is wrong. 

that were set at Bretton Woods. 
These began to break down in the late 
1960s. First, the Vietnam War infla- 
tion and then the initial oD price rise 
in 1973 by members of the Organiza- 
tion of Petroleum Exporting Coun- 
tries gave the coup de grace to the 
Bretton Woods system. 

Mr. Mitterrand has the quaint idea 
that Humpty Dumpty can be pasted 
back together again, and that in a 
restored world of fixed rates, the 
franc somehow will be stronger in 
terms of the dollar. No one else seems 
to believe that, but the spectacular 
surge of the dollar in recent months 
against all currencies has given many 
others — not just the French — a 
severe case of the jitters. They won- 
der what will happen if the dollar 
plunges as quickly as it went up? 

Donald T. Regan and decided to act. 

“We have no embarrassment in 
making a shift,” a White House 
source said. “In effect, we said, ‘Okay 
guys, if action is needed in this field, 
we’re going to lead it, not you: The 
leading economic power is also the 
leading monetary power.’ " 

In his regime as Treasury boss, Mr. 
Regan had twice come to the brink of 
a similar proposal. First, more than 
three years ago, he made headlines by 
talking of a new monetary confer- 
ence. Nothing came of that 

Then, after some of the same issues 
were raised at the London economic 
summit last year, Mr. Regan told 
reporters that he could see the wis- 
dom in a get-together of major pow- 
ers to discuss various improvements 
in the system. He made a proposal to 

that effect at the annual meeting of 
the IMF and World Bank in Wash- 
ington last fall. And this was sup- 
posed to take place in Washington 
this wed: at regular meetings of the 
IMF and World Bank policy boards. 
But as an IMF source said after Mr. 
Baker's initiative: “Everybody’s for- 
gotten about Regan’s proposal” 

There are many ways in which the 
IMF and the World Bank can be 
strengthened to become better man- 
agers of the world’s monetaiy and 
debt systems, provided the major na- 
tions allow these international bodies 
to share their political power. It 
means a more attentive and sympa- 
thetic ear to the economic and finan- 
cial requirements of the Third World. 

This may be too much to ask of 
mortal national politicians. But it is 
worth a tiy. I am not sure that this is 
precisely what Messrs. Reagan, Bak- 
er and Regan have in mind. 

But a process has been started and 
it could evolve into something con- 
structive. Looking at it just from an 
American perspective, when the rate 
of the dollar precipitates a depres- 
sion-like crisis in the farm economy, 
and makes competitive mincemeat 
out of highly efficient modem indus- 
tries, something is wrong. 

Doubters should be able to tell 
quickly whether Mr. Baker’s initia- 
tive was merely a ploy to sidetrack 
the French, or whether the adminis- 
tration means business. Perhaps com- 
plaints about the dollar from wdl- 
placed Republican businessmen are 
beginning to pay off. 

The Washington Post. 

Lessons From Grenada Should Apply to Nicaragua 

W ASHINGTON — A few years 
ago, a Polish &migr£ named 
Thomas Cheraowsky decided to take 
a look at the new revolutionary soci- 
ety of Nicaragua. Within a few days 
this former member of the Solidarity 
trade union found himself in a San- 
dinist prison. The man in charge of 
the prison, which was reserved for 
political prisoners, was a Palestinian; 
the interrogators were Cubans. 

After several months, Mr. Chex- 
nowsky managed to win his release 
and made his way to Costa Rica, 
where he wrote a book about his 
experiences. He is convinced that the 
Nicaraguans have learned more in 
five years from the Cubans than the 
Poles learned in 40 from the KGB. 

Mr. Chemowsky is not the only 
Pole to have an acute understanding 
of the kind of “revolution’' that is 
spreading from Cuba into Central 
America and the Caribbean. Dr. 

By Michael Ledeen 

Adolf Bierzynsky, a veteran of the 
Polish Army and the Allied 8th Army 
in World War IL served briefly as 
president or the Preventive Detention 
Tribunal in Grenada under the Peo- 
ple’s Revolutionary Government of 
Maurice Bishop. Like Mr. Cher- 
nowsky. Dr. Bierzynsky was enthusi- ■ 
astic about the revolution, and he 
eagerly accepted the offer of a post in 
the new government. Within months, 
he discovered that Grenada was in 
the hands of a C ommunis t regime 
that took its direction from Cuban 
overseers, whether in the construc- 
tion of an airport or in the indoctri- 
nation of the Grenadian people. 

As we now know (thanks to the 
capture of the complete archives of 
the Grenadian regime, and their easy 
access in the National Archives in 
Washington), the People’s Revbhi- 

America’s Melting Pot 
Cooks for Too Long 

By Benjamin A. Kamin 

EW YORK — During a re- 

cent flight down south, the 
attendant began to give the landing 
announcements as we closed in on 
Birmin gham, Alabama. Or was it 
Montgomery, in the same state? I 
looked out the window as the white 
lines of the runway came up. It 
might have been anywhere. Air- 
ports all look the same as you land 
at them. The trouble is that the 
cities in the United States do, too. 

Like an advancing fog, sameness 
is engulfing the country. Stand on 
a divided highway anywhere. 
Golden arches and green interstate 
signs have blurred the differences. 
Moreover, people in the United 
Slates have begun to take comfort 
in these mileposts. Rather lhan 
searching for a good piece of apple 
pie in a tiny store far from home, 
we seem inevitably drawn to the 
same french fry Lhat sizzles a block 
and a half from our mailbox. Sleep 
in Atlanta, sleep in Boston: it is the 
same hotel logo across iheparking 
lot and on your pillow. The mint 
julep and clam chowder have been 
watered down by the national 
$5.99 luncheon special. 

People may sound a little differ- 
ent in the streets of Columbus, 
Georgia, and Columbus. Ohio. But 
if you turn on the radio, the disk 
jockeys in both states have the 
same race and inflection. The li- 
cense plates may read “Ohio” in 
one shopping mall and “Georgia” 
in the other, but that is the only 
difference between malls. 

American exurbia has been as- 
similated by these air-conditioned 
temples. It is the same 68 stores in 
Massapequa, Long Island as Ox- 

nard, California, and the same “in- 
ternational" rood stands. Tiy to 
find a local newspaper with Local 
news: Your eye will first be divert- 
ed by the satellite-produced multi- 
colored national daily. From the 
sky comes information homoge- 
nized for Tacoma in Washington 
and Topeka in distant Kansas. 

Go back to your old neighbor- 
hood. The sandlot may have been 
replaced by the same bucket of 
chicken you have near your subur- 
ban home. The “big movie bouse" 
is now the same franchised sixfold 
cinema you squeeze into nearby. 
The gas station where you filled 
your bicycle tires with air now has 
the same logo on its doorway that 
you have on your credit card. 
America is not growing older, it is 
simply becoming the same. 

Dallas is Detroit is Denver. The 
American pot has melted too far. 

It is sad that we can only experi- 
ence regional vitality in canned 
foods. Why do all the morning 
news shows have the same jingles 
and the same interchangeable faces 
and hairdos? It is a great, diversi- 
fied country of remarkable cities 
and states. Why have we surren- 
i play 

Pirates in Pittsburgh. w_„ 
shouldn't they always wear the li- 
bel "Cindnnati”? Does it no longer 
matter to come from somewhere? 

owuw. wc HUj 

dered away our delightful regie 
qualities to the cement of To 
state 70? When the Reds play the 
in Pittsburah. why 

77k* writer is North American Di- 
rector of the World Union for Pro- 
gressive Judaism. He contributed 
this view to The /Yen* York Times. 

lion ary Government placed itself, 
willingly and enthusiastically, in the 
Soviet empire, and asked the Kremlin 
what it should do. The Russians gave 
orders through the Cubans, and sent 
East Germans, Bulgarians, Libyans, 
Nicaraguans, North Koreans and 
PLO officials to run the system. 

And all the while Maurice Bishop 
lied to his people and to the rest of 
the world, saying that his was a na- 
tionalistic revolution, that he had no 
intention of threatening anyone, that 
he was a true democrat and that he 

would maintain pluralism. 

In reality, as Mr. Bishop told the 
Central Committee of the island's 
Communist party, the New Jewel 
Movement, he was preparing the ter- 
rain for a single-party dictatorship of 
the Soviet sort Pending its installa- 
tion, party members were instructed 
to keep the real intentions of the 
regime secret and act as if democratic 
forms would be respected. 

As the two itinerant Poles discov- 
ered, we can learn a lot about Nicara- 
gua by studying Grenada. The Gren- 
adians imported Cuban and 
Nicaraguan experts on religion to 
help subvert the Christian churches 
on the island. The Cubans brought 
manuals on “scientific atheism,” 
while the Nicaraguans brought ex- 
perts on the creation of “people's 
churches” to replace the island's tra- 
ditional religious institutions. 

Nicaraguans also came to teach 
how to cheat the International Mone- 
taiy Fund by keeping two sets of 
books. And Grenada worked with 
Nicaragua to subvert democratic so- 
cialism in the region through a clan- 
destine, Cuban-run regional caucus. 

So the wm-king relationship be- 
tween the two countries was an inti- 
mate one. And Grenada's relation- 
ship to the Soviet Union was clarified 
by Marshal Nikolai Ogarkov’s state- 
ment to the Grenadian chief of staff 
that “a few years ago all we bad in 
your part or the world was Cuba; 
now we have you, Nicaragua and a 
war going on in Salvador.” Still, I 
have not seen any of the self-pro- 
d aimed expats on Central America 
racing to study the Grenada docu- 
ments, where Marshal Ogarkov’s 
statement can be found. 

This is a shame, because when we 
get the Nicaragua documents they 
will be the same, only more so. For 
Grenada is a tiny island of about 
100,000 people; Nicaragua is a nation 
of 2.8 millio n. 'When we learn of a 
conversation with the Soviet foreign ; 
minister, Andrei A. Gromyko, to the 
effect that Maurice Bishop had spent 
about 5300,000 in a little more than a 
year to support subversive move- 
ments in the Caribbean, we can rea- 
sonably conclude that Nicaragua has 
spent many times that figure. 

I was recently in Grenada, and 
spoke with many people about the 
four years of the People’s Revolu- 
tionary Government. I asked them all 
why they thought that so few people 
outside Grenada realized what was 
going, on there. The most common 

answer went to the heart of totalitar- 
ianism: “If you had come here during 
those years and asked about Grena- 
da, 1 would not have told you the 
truth. I would have been afraid.” 

The same holds true today in Nica- 
ragua. The Sandinists are doing their 
best to terrorize their own people and 
their neighbors. Nicaraguan support 
for the guerrilla war against President 
Jose Napoleon Duarte’s democratic 
government in El Salvador is well 
known, but the Sandinists' campaign 
against democratic Gosta Rica is 
rarely reported. 

In the past few months, the Costa 
Ricans have uncovered a new Level of 
organized crime. A “mafia” was cre- 
ated by people who. according to 
police sources quoted in a local news- 
paper. appear to have been trained in 
Cuba, Nicaragua and Libya. 

In Nicarag u a, uncooperative Indi- 
ans have been uprooted by the tens of 
thousands, church leaders and busi- 
nessmen have been intimidated anil 
the Jewish synagogue in Managua 
has been fire-bombed. 

It is unpleasant to recognize Nica- 
ragua for what it is, because that 
recognition compels us to take action 
to defend the democratic countries of 
the region against the Sandinist 
threat Yet there is no excuse for a 
failure to understand Nicaragua; 
Grenada provides a thoroughly docu- 
mented model. Those who vote to 
deprive President Reagan of the 
means to bring pressure against the 
Sandinists will have to explain why 
they have refused to learn. 

The writer, a senior fellow in inter- 
national affairs at Georgetown Univer- 
sity^ Center for Strategic and Interna- 
tional Studies, is the author of •‘Grave 
New World ” He contributed this com- 
ment to the Las Angeles Times. 

Camp Visit 
By Reagan 
Is Wise Plan 

By Tom Wicker 

N EW YORK — President Ron- 
ald Reagan wants to emphasize 
“the spirit of reconciliation” between 
the United States and West Germa- 
ny. That was why, according to his 
spokesman, the p readmit believed 
that visiting the former Nazi concen- 
tration camp at Dachau would send 
Germans “the wrong signal” 

But that fear, if it had not been 
partly overcome this week, may have 
endangered rather than served the 
president’s good intentions. 

In fact, the major problem with 
Mr. Reagan's disputed European 
itinerary was not his plan to visit a 
German war cemetery, which has 
provoked Jewish, veterans and other 
groups in Lhis country. The real mis- 
take was his earlier decision not to 
visit Dachau. Because he is now to 
visit the site of a concentration camp, 
as yet ugnamfid; there are no more 
grounds for complaint about the 
cemetery visit than Germans would 
have if Chancellor Helmut Kohl were 
to lay a wreath at Arlington. 

The strongest reason why Mr. Rea- 
gan should visit a camp site is precise- 
ly that “spirit of reconciliation” the. 
president rightly wants to foster. Adf 
tually. when he pictured his decision 
not to visit a concentration camp as a 
gesture of reconciliation with Ger- 
mans, he indirectly, and certainly in- 
advertently, suggested that aD Ger- 
mans are collectively guilty of the 
Holocaust that Dachau' and other 
resonant names — Auschwitz, Bu- 
chenwald, Treblinka — symbolize. 

And equally indirectly, Mr. Rea- 
gan suggested that it is time now, in 
the name of reconciliation, to forget 
or discreetly overlook the horrors / 
perpetrated in those places. / 

Neither proposition is true. All j 
Gomans — and not just those bom \ 
too late to participate in Nazi activl- \ 
ties — are not responsible for the V 
death camps. And it will never be^/ „ 
time to forget the camps. 

Karsten Voight, a foreign policy 
spokesman for the West German So- 
cial Democratic Party, recently visit- 
ed the United States and spoke pas- | 
sionately of his and his party’s belief f 
that Mr. Reagan should visit Dachau. - 
In his view, such a gesture would be 
“an act of solidarity’ with what Mr. 
Voight called “the other Germany." 

This other Germany is not just the t 

democratic republic that rose from W 
the rains of World War IL It indudes Y 
“the Germans who were in Dachau \ 
and other camps even before the 
Jews,” according to Mr. Voight, Ger- 
mans who opposed Hitler after 1933 
or played no part in his regime — 
many of whom emigrated from Nazi 
Germany — and those Germans who ft 
helped defeat Nazism from abroad. 7* 
Today’s federal republic, Mr. 
Voight argued, is a democracy con- 
structed on the foundation of that 


“other Germany” Thus, a visit to 
Dachau or another camp by Mr. Rea- 
gan as pan of his official visit to the 
federal republic would represent rec- 
ognition and acceptance of today’s 
Germany. To avoid Dachau or an- 
other camp site, as Mr. Reagan had 
' originally intended, would be merely 
to dose his eyes to yesterday’s. 

Mr. Reagan's visit to a camp will 
also be a powerful act of remem- 
brance for the millions of Jews and 
others, including Germans, who suf- 
fered and perished in the camps. 

Mr. Voight pointed out that the 
defeat of Nazi Germany and the lib- 
eration of the death camps 40 years 
ago this spring also brought about the 
liberation of the “other Germany. Y 
And that other Germany proved will- 
ing and able to bring today’s German 
federal Republic into being. 

A presidential visit to a camp, 
therefore, symbolizes more than one 
historic liberation. 

That may not be a congenial view 
to those Americans and others who 
still bear the scars of a terrible war 
and tend to place the responsibility 
for it in disenmina teOy on “the Ger- 
mans.” And in both Washington and 
Bonn it may have seemed better, at 
first glance; to turn official heads 
away from that war’s greatest evil 
than deliberately to face it. 

' But Mr. Reagan is an agOe politi- 
cian who has reversed his decisions 
on other important matters. The ded- ^ 
si on to vial a camp site announced'®* 
on Tuesday showed Mr. Reagan as a 
co mmun icator who can put an agree- 
able face on tough decisions. 

And he could hardly do more for 
true reconciliation than to make a 
gesture that recognizes today's Ger- 
many as a profoundly different coun- 
try from the Third Reich, and sym- 
bolizes the determination of 
Americans and Germans never again 
to countenance the horrors that cul- 
minated in the death camps. 

The New York Tones. 


Vietnam: Once Burned .. . 

Regarding “Vietnam Taught a Les- 
son That Some Failed to Learn" (April 
9) by George W. Ball: 

No one can argue with the former 
undersecretary in his retrospective 
views of horror and waste in Viet- Nn pAnt™. n__. tv. 
nam. However, when a future conflict OOt Dynamic 

shows signs of developing, Mr. Ball Regarding the report “StU-Con- 

sbould not wait for a national con- Dallas is Achised to Grew Up by 

physical aggression on its shores, 
then it indeed becomes Fortress 
Amaica — and it had belter begin to 
build the walls of its Maginot Lme- 

Abu Dhabi. 

sensus to develop behind the assump- 
tions that the conflict is relevant, or it 
is supported in the country, or toe 
weather is nice over there. 

If toe United States adopts a policy 
of taking no action for any reason 
(dominoes included) except direct 

Uetung Down to Earth ” (April 4): 

Your condescending report 
^^u^ses me. It is so typical of the 

Letters intended for publication 
should be addressee “Latos to the 
Editor" and must contain the writ- 
er’s signature, name and full ad- 
dress. Letters should be brief and 
are subject to editing. We cannot 
be responsible for the return of 
. unsolicited manuscripts. ~ 

attitudes of those East Coast academ- 
ics who seriously doubt that intefli- 

n t tSS. can . ex ^ t we st of the Poco- 
Qos. Perhaps instead of making fan of 

UaUas the author and the urbando- . 
sathe quotes ought to try to learn “ 
nJff lL ^ just might find that 

alohas no center —are% far tw of 
most dynamic metrqpo-. 
because they refuse to 

cmiS r t ‘T ed TOry-tower pi* 000- 

cepuons of what a dty ought to be. 
PaHs- . 


Page 7 

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angered i**?**^ 

president s good ,1, s^; 

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visit the site of ac&n^** & £ 



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gesture of reco nc i&^: 
mans, he mdirecilv ,1? 
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mans are colleSv ^ 41 
Holocaust that DadJfV 
r fonam names - S** 

chenwald. Trebling 5: 

And equally indira^' 
gan suggested that ii, ^ 
the name of reconciliation, 11 ':' 
°r discreetly overlc^T; 1- 
perpetrated in those pia™^ 
Neither proposition n, 

Germans -and not jmX 
too late to participate 

u« - are not respond 
death camps. And it , 
time to forget the camps 
Karsten Voighu a f^. 
spokesman for the West £ 

dal Democratic Pam. rS 

ed the United States anw. 
sionately of his and his rJ, 
that Mr. Reagan should 7 
In his view, such a gesture J 
“an act of solidarity" b^v 
V oight called “the other 
This other Germany 
democratic republic thai^ 
the ruins of World Warn lit 
“the Germans who were kIe. 
and other camps even 
lews" according to Mr. Vast, 
mans who opposed Hitlerafc. 
or played no pan in hu 
many of whom emigrated fei 

rvAfmnm 1 f h .^a f! — » — 

Today - * lcucuu icpuci 
Voight argued, is a democ : 
strutted on the foundam -: 
“other Germany" Thm,:-; 
Dachau or another campbH; 
gan as part of his official r*: 
federal ’republic would repnrt 
ogniuon and acceptance tf x 
Germany. To avoid Dadur 
other camp site, as Mr Aap 
original^ intended wouW-ec 
to close his eves to \esrain; 

Mr. Reagans viand* 
also be a powerful art it 
brance for the millions a V- 
others. including Cmma * 
fercii and perished in 
Mr. Voight pointed 
defeat of Nazi Gentuu} w- 
eration of the dyiji ’ 
aco this spring also »***>. 
liberauoii of the 
.And lha: Other oemuBp- 


federal Rcepuhbc rnto ^ 

A presidential »- 
therefore, sjmMiffiW' 6 - 
hisioric liberjuon. 

Tnat may not ^ 3 l Y£. 
10 those AiaenCJ* 

.till bear the sear- of . 
and tend wpl^ ; K f 5 

for h mdvscmtanJj- 
mans." Anorn ^^ 
Bonn »t ma> ha 



; SisSS^SSf. 

trv irons we* iefB is.. 

b:i!i:eS ''WO^W 
AmcncafifJj - e ^ 

to county? 1 

BULL'stree symbolizes BULL'S total comm'itmentto communication and 
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BULL is the number 1 manufacturer of data processing and office auto- 
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e a strong presence in Europe and in the world-75 countries 
e marketing products tailored to national requirements 

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BULL -The Commitment to Europe 

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junction with GEC, ICL, Olivetti and Siemens, is a communication net- 
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Page 8 


Lasers Gauge Changing Interval Between Earth, Moon 

Laser Ranging 


By Walter Sullivan 

New York Tima Service 

B Y bouncing light from a newly 
develooed laser off reflectors 

D developed laser off reflectors 
left by astronauts on the Moon, 
astronomers have taken new mea- 
surements of the constantly chang- 
ing distances between the Earth 
and the Moon. 

The scientists said they believed 
the measurements, across perhaps 
230,000 miles of space, were accu- 
rate to within an inch, 10 times 
more accurate than any made in the 

The astronomers used a special 
80-lens telescope at the Mount Ha- 
leakala Observatory of the Univer- 
jsity of Hawaii to receive the short- 
pulse laser beams. 

' The measurements, combined 
;with others being made with in- 
1 creasing accuracy from Texas and 
'.France, are providing detailed re- 
cords of day-to-day changes in the 
irotation of the Earth and the slight 
! wobbles it makes as it spins on its 
jaxis. They also record lunar mo- 
: dons caused by subtle gravitational 
I effects arising from the influences 
-of reladvity. 

1 By analyzing the new data, scien- 
tists expect to gain better under- 
standing of the forces deep within 
'the Earth that set off great earth- 

quakes, as well as the variations in 
'the Earth's rotation that have been 

line Earth's rotation that have been 
-linked to such devastating effects 
;as El Nino, a cyclical warm-water 
-ocean current that is believed to 
cause weather anomalies. An im- 
proved understanding of such links 
might open the way to better pre- 

Other methods of determining 
.the distance between the Earth and 

the Moon include triangulatian, in 
which angles to a point on the 
Moon are measured horn points on 
the Earth whose separation is 
known; and radar, in which radio 
waves are bounced off the lunar 
surface. These methods showed 
that the distance between the cen- 
ters of the Moon and the Earth 
varied from 221,463 to 238,857 

Bursts of laser light lasting 200 
trillionlhs of a second, the time it 
takes light to move about two inch- 
es, are shot up and strike mirrored 
reflectors placed amid the dust and 
rocks of the lunar surface by NeO 
A. Armstrong and Edwin E Aldrin 
Jr. of the Apollo 1 1 mission in 1969 
and by astronauts who followed on 
ApoUos 14 and 15. Similar French- 
devised mirrors are an the two 
Lunakhod mobile robots landed on 
the Moon by the Soviet Union. 

The observatory is on the Hawai- 
ian island of Maui, on the s ummi t 
of a presumably extinct volcano 
whose giant crater, large enough to 
hold Manhattan, contains cinder 
cones and miniature craters form- 
ing a blade and sulfurous landscape 
much like that of the Moon. 

The laser beam is aimed by a 
moving mirror that keeps it pointed 
precisely at the lunar target despite 
the constantly changing relative 
position or the observatory and the 
Moon. The beam's green light is in 
apart of the spectrum that allows it 

So narrow are the outgoing and 
returning laser beams, however, 
that if one wanders more than a few 
hundred yards from the transmit- 
ting and receiving ate the signal 
can no longer be seen. 

The pulses carry enough energy 
to damage the eyes of aircraft crews 
or passengep- The Federal Avia- 
tion Administration thus requires 
that the beam not be turned on 
until the Moon is more than 20 
degrees above the horizon. In al- 
most all directions from the van- 
tage point of the summit, more 
than 10,000 feet above sea level, 
that horizon is formed by the Pacif- 
ic Ocean. A watch is kept for air- 
craft that might come dose enough 
to enter the beam. 

UnSg 8 Q 

Insulin-Producing Cells Transplanted 

/ADt with miniamre cdl transplants, doctors hooe i 


ROSTON (API — With mini ature cell transplants, doctors hope 
achieve one of medicine's most elusive goals: a way to prevent diabe 
blindness and other consequences of diabetes. The expenmenis are bei 
performed at Washington University m St Louis and the Umveraty 

Dm Now Yorl Tor 


The laser ranging is part of a 
program of the National Aeronau- 
tics and Space Administration ad- 
ministered by the Institute of As- 
tronomy of the University of 
Hawaii Louis S. Macknik, the lo- 
cal project manager, said distance 
measurements to the moon were 
being made with a predsion of 1.7 
centimeters, or two-thirds of an 

Laser pulses generat- 
ed at Mount Halea- 
kala Observatory, 
left, are reflected off 
mirrors on the Moon, 
allowing measure- 
ments accurate to 
within an inch. Other 
methods of Earth- 
Moon measurement 
include trianguladon 
and radar. 

Colorado neaitn sciences t-awi . 

The idea is to replace the insulin-making cells m the pancreas that faO 
in severe diabetes. If the procedure works, these islet cells wfll produce 
insulin naturally and provide the nunuto-by-mmute control of blood 
sugar that is impossible with insulin injections. 

The technique works well in animals, but further refinements are 
necessary before it can be used widely in people. How tong that win take 
is uncertain, but “there is no doubt that it will evenuialWwork, aid Dr. 
Anthony P. Monaco, chief of organ transplants at New England Deacon- 
ess Hospital in Boston, where doctors hope to perform the transplants 
within two months. 

(CUO 11 

Substances Could Aid in Bone Repair 

. - _ in 1 - * 

NEW YORK (UFI) — Two protein-like substances from pulverized 
cow leg bone could bolster the ability of h uman bones to repair them- 
selves, a California research company has reported in tire Proceedings of 
the National Academy of Sciences. 

Dr. Saied M. Seyedin and other researchers at Collagen Coro, m Palo 
Alto said they isolated and purified two si m i l ar protein-like substances, 
called rartiiagw -in riu^E factors A and B. In a lab dish , these factors 
stimulated formation of cartilage precursors in cells that otherwise did 
not produce that kind of tissue. 

“This technology will encourage healthy bone repair where healing 
might not otherwise have occurred,” said a Collagen sp okesman . 

to pass virtually unimpeded 
through the air. Nevertheless, the 

through the air. Nevertheless, the 
billion-watt pulses are so intense 
that they leave a trace jabbing 
through the atmosphere toward the 
Moon. Under ideal conditions the 
naked eye can see the returning 

The readings, however, are not 
instantaneous but are derived from 
prolonged laser pulsing and analy- 
sis by the Jet Propulsion Laborato- 
ry, in Pasadena, California. 

Dr. Jean Dickey of the Jet Pro- 
pulsion Laboratory said two laser 
ranging systems at the McDonald 
Observatory of the University of 
Texas were ob taining distance ac- 
curate to about 10 inches and one 
at Grasse, France, is achieving 
slightly better readings. She termed 
the Hawaiian observations “ex- 

'Creep Meters’ Watch for Predicted Quake 

Made in ven- limited runs... 

Exclusive silk ties 
woven on period looms 

New York Times Service 

S ANDRA Schulz carries a “beeper” radio link all 
day and puts it on her bedside table at night. It will 
sound an alarm if one of seven “creep meters" along 
the San Andreas Fault near Parkfield, California, 
records significant motion. 

Her colleagues at the U. S. Geological Survey in 
Menlo Park, California, do likewise. Dr. Allan G. 
Lindh carries one linked to a network of 250 sdsmom- 
eters, 11 of them in the Parkfield area, to warn him of 
any earthquake greater than magnitude 3, which is 
barely perceptible to most residents. 

The geologists are on watch for early signs of the 
first earthquake whose severity, -timing ana location 
will have been predicted and officially announced in 

tore of the fault at Parkfield had such an effect, 
generating the great Fort Tejon earthquake of 1857. 

No earthquake at Parkfield since then has spread 
beyond that sector of the fault Nevertheless, the 
Geological Survey announced, federal and state pan- 
els that have evaluated the evidence have concluded 
that the next quake may be larger than the last one. 

Several years agp. fears of a great earthquake, par- 
timlariy in Southern California, led the National 
Security Council to commission a study of such a 
quake's consequences and of possible preparation. 

Japan Honors American Scientist 

BOSTON (API — Edward Sylvester Morse, who set up a marine i 
biology laboratory in Japan more than a century ago, has been honored in W „ 

Japan by Shinto priests sprinkling cherry blossoms over a new bronze 
memorial and schoolgirls playing John Philip Sousa marches. The Boston 
Globe reports. 

Morse, a native of Portland, Maine, established the lab in 1877 on the 
island of Fnnshima, about 20 miles (32 kilometers) south of Tokyo. “He 
lit the flame of academic study for us,” Eishi Kobayashi, chairman of the 
Japan Zoological Society, was quoted as saying. 

Mr. Morse, later director of the Peabody Museum in Salem, Massachu- 
setts. studied at Harvard but left to do research in Japan on sea moBusks 
in an effort to support the recently published theories of Charles Darwin. 

Every yeur, Lanvin presents a collection of ties, 
and nowadays this is an event unique in itself. These ties arc 
the famous “ Lanvin Specials *V they arc made in heavy silk on old 

period looms. 

Just to make three of them lakes nearly a square meter of fabric, 
and never more than five or six examples arc made 
in a given model! 

This is of course only one of our lines , as Lanvin . with 
eight thousand ties in stock, qfftrs the widest choice you could 
wish for. The 1085 trend is for tics in figured silk once more, 
as well as in plain or patterned twill and printed silk crepe. 

Sometime m the next few years, probably in early 
1988, the data indicate, there will bean earthquake of 
ma gnitude 6 on a 16-mile section of the San Andreas 
Fault centered near Parkfield, almost halfway be- 
tween San Francisco and Los Angeles. 

Such an earthquake in a densely populated area 
would cause considerable damage. But Parkfield, as 
noted by Dr. Lindh and a colleague. Dr. William H. 
Bakun, who have compiled data supporting the pre- 
diction, lies in a sparsely inhabited region of large 
cattle ranches and sturdy wood-frame houses that 
have repeatedly survived such quakes. 

The prediction is based in large measure on the 
record of earthquakes that have occurred in the Park- 

Based on this study, the Federal Emergency Man- 
agement Agency concluded that the rn*nn« were 
“high" that a quake of very great magnitude (83) 
would hit the Los Angel es-San Bernardino area in the 
next 20 to 30 years. 

Designer Enzymes Made in California 

Accounts of the more recent Parkfield earthquakes 
suggest that the next may be preceded by a variety of 
warning signs. Nine hours before the 1966 earthquake; 
an irrigation pipe crossing the fanlt was broken. A 
week before, cracks appeared in the soil cover. 

In 1934 and 1966. similar foreshocks were recorded 
17 minutes before the main quake. Records of the 
Parkfield quakes in 1922, 1934 and 1966 by an instru- 
ment in the Netherlands are almost identical 

SAN FRANCISCO (UPI) — Scientists at the University of California, 
San Francisco, say they believe they are the first to redesign an enzyme to 
alter its function, which could eventually benefit the chemical and food 
industries as well as medicine. 

“Ibis has been the goal of genetic engineers from the beginning,” said 
Professor Robert Fleiterick, chairman of biochemistry and biophysics. 
He said the feat represented “one of the first steps in aistom-designing 
enzymes to do highly specific tasks with high efficiency.” 

Last year, several scientists altered enzymes to change their efficiency 
but did not alter the function. To redesign enzymes, scientists must be 
able to do both, the researchers said in a report for the journal Science. 

Lobsters Key in Mood-Swing Research 


15. rue du Faubourg Saint-l/annre, 7500.S Paris - Tel. 265. 14. 40 
2. rue Cambon. 75001 Paris 

remarkably alike in many ways, took place in 1857. 
1881, 1901, 1922, 1934 and 1966. 

One concern is that the quake might spread south- 
east along the fault beyond the Parkfield sector far 
enough to release pent-up strain northeast of Los 
Angeles. It is suspected that the earliest known rup- 

The Parkfield area has been saturated with monitor- 
ing devices. Every other night, a local teacher climbs to 
a laser station on a rise of land near the fault and aims 
its beams toward reflectors a mile or two away in U 
directions. This can reveal deformations of the land- 
scape amounting to a fraction erf an inch. 

More than a score of instruments sense slight trem- 
ors. Fifty devices are primed to record strong motions. 
Others watch for changes in tilt of the terrain. Dr. 
Robert Wallace of the Geological Survey called this 
array of instruments “the primary field experiment in 
earthquake prediction, perhaps in the world.” 

B1DDEFORD, Maine (UPI) — Lobsters, known for their aggressive 
and cannibalistic ways, may hold the key to controlling mood strings of 

manic-depressive humans, according to a physiologist and a pharmacolo- 
gist at the University of New England College of Osteopathic Medicine. 

Research on the neuro-hormone serotonin may also nave a significant 
effect on the commercial lobster industry, they said. Serotonin is found in 
almost aQ animals, the physiologist Dr. Car! P. Spirito, said in discussing 
a paper he and Dr. John T. Earnhardt presented to the American 
Osteopathic Association. 

Serotonin circulates in the lobster's bloodstream, while in humans it is 
isolated in the brain. Dr. Spirito said. When serotonin is injected into 
lobsters it appears to. cause a “postural change that has been associated 
with aggressive behavior,” Dr. Earnhardt explained in the joint paper. 

Americans use planes like Europeans use 
taxis. Not only because their country is so 
vast, but also because their climate is so 
hotly competitive. 

They dare not miss out on any business 

Of course getting them to the right place at 
the right time presents problems. Planes are 
not taxis. 

So how can an airline effectively connect 

all the major cities? 

We got around the problem by re-inventing 
the wheel. 

We have created two central hubs whose 
spokes radiate out to directly link over 55 
cities in the US. These hubs are at Dallas/Fort 
Worth and Chicago. 

Msf i&a iCrd! i 


And now we are adding three more 
spokes to our wheel. From London and Paris 
you can fly non-stop to Dallas/Fort Worth. 
And from Frankfurt you can fly non-stop to 
both Dallas/Fort Worth and Chicago. 

Which means you can get to almost any- 
where your bu siness takes you in America on 
one ticket, with one airline, with just one stop. 

Doesn't that sound better than flying 
around in circles? 

* > ate St 

^8 cells in the n N 
works, these Uuf ^<5** 

i injections. te ^troi 

further ^ *'■ 

ws hope to Worfe^ 


tem-like substances f r 1C P ^1 i 
to * ’of human boS 1 ?®***/ ■ 


‘^searchers ai Coli»n*. „ * 

l two similar proi«nn5 0l J | e' 


erican Scientist 

™ Morse, »to w 


)!m Philip Sousa nat^^t " 


■ talomeicvs) south S]?"- 
IS, Eishi Kobavashi, djj** ' 
ted as saying. ' 1 UlnnaD ir : 
ttbody Museum iasjj 
do research in Japan r . a 
published theories 

Made in Cafifonj 

entisisauhe UniversiiyofCait 

i “e the first to redeujm anZ5 
atually benefit thechSS^. 

ic engineers from die beannj*-. 
man of biochemistry 
of the firs; steps in cusu®jL' * 
s with high efficiency.*' 

■ed enzymes to change ihc^ 
redesign enzymes, sdauiHs te 
id in a report for the journal 


- Lobsters, known for theiiwp. 
the key to controlling mood 
ig to 2 physiologist and a 
and College of ChieflpaikMfc; 

: serotonin may also have a 
dustry, they said. SercaotunBion 
U Dr. Carl P. Spiriio. said mduc 
lrahards presented to the te: 

er’s bloodstream, while in bras, 
said. When serotonin is injur; 
siural change that has been m • . 
rahardt explained in ihejimip -■ 


Page 9 

r; '&&&*■ 



Elections Signal 

Beneath Surface 

. By OlfarTohamy 

KUWAIT — Kuwait’s recent 
parliamentary elections have 
shown that active interaction be- 
tween various political grams is 
taking place below the crust of Ku- 
wait's ngidly conservative tribal so- 
ciety. These groups are more artic- 
ulate and down-to-earth than their 
predecessors, and they seem more 
determined to bring up sensitive 
issues with serious implications for 
the country’s future. 

Kuwaitis sav that their country is 
the only Gulf state with a parlia- 
ment and elected repreacmativts. 
But they differ cm the extent to 
which they would like to see the 
present political groups develop 
into Western-style political parties. 

Such tendencies exist among in- 
fluential members of the country's 
established business community, as 
well as among the well-educated 
□riddle class. But the country’s 
emir, Shakh Jaber al-Ahmad al- 
Sabah, made it clear in speech he 
delivered at the opening of the new 
National Assembly that the teader- 
ship continues to expose the licens- 
ing of political panics. 

The elections hdd on Feb. 20 
after two months of intense cam- 
paigning led to the formation of a 
50- member body, split between 
conservatives who support the sta- 
tus quo and advocates of change. 

The conservatives are mostly el- 
derly. Many are incumbents who 
represent their dans. They ran un- 
opposed. The advocate of change 
are divided among several groups, 
making agreement to stand as a 
block in parliament remote. 

In the absence of political par- 
lie, local analysts differ on classi- 
fying the opposition. One Kuwaiti 
newspaper, the daily Al-Seyassa, 
said that 1 1 members belonged to 
the Arab Nationalists, led by Ah- 
med al-Kharih, and 14 have funda- 
mentalist religious faming* 

The 14-membcr group, the paper 
said, is composed of 10 active 
members and supporters, three Pu- 
ritans and one representative be- 
longing to the Suite minority. Ob- 
servers say that trouble for the 
government could be expected 
mostly from those openly belong- 
ing to the Moslem Brotherhood, 
the Puritans and the Shiite Cultural 

Most analysts agreed that the 
fundamentalist trend had lost 
much of its appeal. Same of its 
most prominent prop o nents did 
not retain their seats in the new 

But die Arab Nationalists re- 
gained strength. Their leader, Ah- 
med al-Khatib, who lost bis seat in 
1981 elections to a Moslem fanatic, 
was returned to parliament 

The consensus is that Mr. al- 
Khatib will be the government's 
main critic. Although he is por- 
trayed by the local press and col- 
leagues in parliament as a radical, 
Mr. al-Khatib, who helped to draft 
the country's constitution in 1962, 
stands firmly against constitutional 
amendments proposed in the previ- 
ous parliament He strongly sup- 
ports the Emir's power to prevail 
over the executive and legislative 

Mr. al-Khatib can, however, be 
expected to pursue issues that be 
raised during the election cam- 
paign, including alleged corruption 
m the government and widening 
the base of political participation. 

Although the aftermath of the 
Souk al-Manakh crash was a major 
campaign issue, others such as in- 
creasing the annual ceding on natu- 
ralizations, from 50 to 500. and 
whether to allow women to vote, 
indicate that serious debates with 
far-reaching consequences for Ku- 
wait's future are certain to take 

Although the constitution in- 
dudes a statement on universal suf- 
frage, only male Kuwaitis over the 
age of 21, who can trace their lin- 
eage before 2920 to Kuwaiti grand- 
parents, are allowed to vote. This 
limited the number of voters in the 
last elections to about 5Q.GQG, out 
of a total Kuwaiti population of 
600,000. It exduded about 1 mil- 
lion expatriates, one- fifth of whom 
are second generation Palestinians 
bom in Kuwait. 

The question of amending the 
consutotioQ to bring it more into 
ling with Sharia, or Islamic theol- 
ogy. is also expected to come up. 
This has been the yardstick against 
which the fundamentalists and 
sympathizers measured all issues in 
the previous parliament. The con- 
stitution currently states that Islam 
is the religion of the state and that 
Sharia is a main source or legisla- 

The previous government’s man- 
agement of the Souk al-Manakh 
crisis was the primary issue for 
most candidates. In a stormy ses- 
sion held by the new parliament. 
Mr. al-Khatib openly questioned 
the former government's economic 
policies, describing decisions taken 
by it as “ stupid. " 

Recommendations to reactivate 
the economy to contain spillovers 
from the al-Manakh problem and 
prevent a creeping .recession from - 
swelling were passed in the previ- 
ous par liamen t. Bui the issue of 
whether they remain binding for 
the new parliament and govern- 
ment has not been resolved. 

In addition, the opposition con- 
fronted the government on Man- 
akh issues, including the number of 
insolvent companies, the cost to the 
government of sustaining a fund to 
bail out the smaller bankruptcies 
and the total amount of money it 
had lost by baying shares of Gulf 
companies registered on the dis- 
solved stock exchange. 

At the inaugural session of the 
National Assembly, the crown 
•prince and prime minister. Sheikh 
Saad al-Abdullah al -Sabah, deliv- 
ered a speech in which he affirmed 
the need for a comprehensive de- 
velopment plan covering all aspects 
of the economy. He said that this 
should be implemented with a spe- 
cific timetable and would give pri- 
ority to boosting production- 

He said that sped a! attention 
would be paid to problems affect- 
ing youth and housing and he un- 
derlined the government's con tin- : 
ued commitment to providing free ! 
services, including health and edu- 1 

A New Economic Program 
Seeks to Rebuild Confidence 

Detail of the roof of Kuwait’s new parliament, above, reflects desert tents. Below, eligible 
male Kuwaiti citizens gather in a tent for an electoral meeting during the two- month 
campaign for National Assembly elections, which were held on Feb. 20 . 

By Alan Madde 

KUWAIT — The next few 
weeks are going to be of unusual 
importance to Kuwait as the new 
government unveils its economic 
program and the public waits to sec 
whether it can restore the confi- 
dence lost after the Souk al-Man- 
akh stock market crash. 

A sense of uncertainty was fu- 
eled by the February elections, with 
the Souk al-Manakh crisis entering 
a new phase as the pressure shifted 
from stock and real-estate markets 
onto the country’s financial institu- 

It was felt that Jassos al-Khar- 
afi, the new finance and economy 
minister, has been left little rime to 
find his feet, although familiar with 
the problems from his time as 
chairman of the National Assem- 
bly's finance committee And there 
were fears that the new assembly 
would inhibit government action. 

These doubts have to some ex- 
tent been allayed by the govern- 
ment's promise, given on the first 
day of the new National Assembly 
session March 19, to publish its 
program within a month. The gen- 
eral view is that the government 
must act now. 

But the Iran-Iraq war is a far 
more serious threat to confidence 
and Kuwait's physical safety, while 
the oil glut, coming on lop of the 
winding down of the development 
boom, poses a potentially greater 
threat in terms of eco n omic disk)- 

The economy’s undedying finan- 
cial strength can be illustrated by 
the fact that even last spring, when 
the budget for the current financial 
year was being made up and the 
pressure on liquidity — from de- 
mands to reflate the economy to 
revive business confidence and the 
downward slide in oil revenues — 
was greatest. Kuwait continued to 
accumulate reserves. 

The budget deficit of 704 million 
dinars ($232 billion) for 1984-1985 

appears to bdic this j— 
fact. But the budget An I 

provides for the 10 * 

percent of published (in bil 

revenues that must be 

put aside each year P“ 

into the Fund for Fu- — 

lure Generations 
without including in- 2 ■ 

vestment income, 
which even though 20 

P ercent lower, at 
288 billion dinars, 
comfortably covers 
the deficit 1 - 

Oil revenues have 
not disappointed. 

These were budgeted 
to rise 4.5 percent to 
2313 billion dinars, q. 

in 1984-85, since the 
government had an- '80/ 

ticipated a shaiper __ 

price fafl. Production, ZSou 1 * 

now running at just 
over the 900,000- bar- 
rel-a-day OPEC quo- 
ta, is consequently sufficient to 
generate the 59 billion needed from 
oil to cover spending. 

Kuwait is the only Gulf state to 
have substantially reduced its de- 
pendence on oil by continuing to 
expand its investments overseas. 
Investment income from abroad 
now accounts for around 30 per- 
cent of total government revenues, 
and this percentage will rise as Ku- 
wait continues to accumulate re- 

Barring a collapse in oil prices, 
Kuwait seems set on a course of 
steady expansion of 3 to 5 percent a 
year. In the longer term, Kuwait's 
position looks even more secure. At 
the current rate of extraction, oil 
reserves are sufficient for 180 years 
and perhaps half as much ag ain if 
new finds are proven. 

An Oil-Based Budget 

(in billions of dollars) 

□ Total Revenue 

I Oil Revenue 

'8Q/*81 *81/’82 '82/TJ3 '83/’84 

Source: Kuwait Petroleum Corp- 
Arab Oil and Cot Monthly 

bobet CoiWtouiW/IKF 

budgeted outlays in the Souk al- 
Manakh crash. 

The government is committed to 
solving the problem once and for 
alL The dilemma it faces, however, 
is sending the right signals to the 
market. Tt is in its interests to 
squeeze outstanding debtors into 
settling — indeed, the new Nation- 
al Assembly is determined that it 
should — but by holding off, its 
ability to control events is sharply 

The present crisis has developed 
in this vacuum. The c umula tive ef- 
fect of a 48-percent drop in official 
stock prices over the year and a 30- 
percent to 40-percent fall in real 
estate values has taken the toll of 
balance sheets. 

The Central Bank's decision to 

w finds are proven. allow companies to extend their 

The one problem is the 20-per- fiscal jfear to June, so giving them 
cent drop In investment inrome tnore time ito regularize their situa- 
caused by the need to liquidate uons « * w ** merely P»«- 
high-performing assets to meet un- (Continued on Page 10) 

Ample Liquidity Backs Up National Financial Institutions 

By Kevin Muehring 

KUWAIT -In 1984, the ever- 
widening repercussions of the Souk 
al-Manakh crash of more than than 
two years ago finally rippled 
through the Kuwaiti financial sec- 

It is difficult not to use dramatic 
terms in describing the events of 
the last year, although to do so 
understandably draws the ire of the 
bankers, who recognize that confi- 
dence is ultimately their main asset. 
Nevertheless, the Kuwaiti financial 
institutions have undergone what is 
their most difficult crisis in at least 
a decade: A serious outflow of cap- 
ital in the spring brought turmoil 
and tensions as the Central Bank 
sought to stem the flight of uneasy 
money. Added to this was the high- 
er costs of funds and a lower inter- 
est-income stream that cm into op- 
erating revenues. 

And even worse, the free-fall in 
share and real-estate prices since 
last April shrank the value of col- 

last April shrank the value of col- 
lateral hdd against domestic loans, 
much of which in turn deteriorated 

into the doubtful category. The 
year ended with a tough Central 
Bank posture — substantially high- 
er provisions, a decline in' assets 
and sharply lower published profits 
and dividends. 

With the aim of the year came 
the illiquidity problems of two 
smaller financial institutions whose 
main creditors were the domestic 
banks. Foreign banks began to 
make discreet phone calls or sud- 
den visits to pose this or that sensi- 
tive question. 

But to overstate the damage 
done or to understate the resources 
at hand would be misleading. The 
banks still have ample liquidity, as 
evidenced by the net liability posi- 
tion with (he Central Bank, which 
was reduced by 75 percent to 153 
million dinars (5505 million) in De- 
cember from midyear — as well as 
a considerable cushion of capital to 
wait with. Above all If push comes 
to shove, there is the certainty of 
government support. 

Furthermore, analysts say dis- 
tinctions should be made between 

the different “tiers” of financial in- 

The first tier comprises the big 
commercial banks and the special- 
ized and investment banks, which 
have unconditional and guaranteed 

status with government support in 
time of need that is less dear. 
Hence, the very close attention 
paid to how the government han- 
dled the failures earlier this year of 
the money-changer operation 

Hie banks still have a considerable cushion 
of capital to work with . . . Above aS, if 
push comes to shove, there is the certainty 
of government support. 

government support through ac- 
cess to the Central Bank's discount 
window, swap and loan facilities. 
Their credit standing is, in a sense, 
as good as the state itself, because 
at least for the first-tier firms in a 
state-supervised capitalist econo- 
my like Kuwait's, the line demar- 
cating sovereign and private risk is 
a blurred one. 

It is the second tier of financial 
institutions, the investment compa- 
nies and money changers, whose 

Jawad and Haidar Abulhassan and 
Co, and the investment company. 
Kuwait Financial Center, and how 
the government responded. 

According to a Central Bank 
source, government intervention 
was only to be considered on a 
case-by-case basis, depending on 
what it perceived the potential 
damage to the financial system to 

In the first instance, -the Central 
Bank not only sent one cJ its super- 

visors over to begin an investiga- 
tion but it also rapidly mounted a 
bail-out to the extent of $25 mil- 
lion. In the case of the Kuwait 
Financial Center, it elected to sus- 
pend trading of the firm’s shares on 
the stock exchange, send another 
supervisor to look at the books and 
play middleman to the negotiations 
with the creditors that followed. 

The distinction was in the nature 
of the credit, according to the Cen- 
tral Bank, whether it was a foreign- 
exchange or a money-market ride. 
In the case of the latter, the Central 
Bank was less inclined to intervene 
since assessing such risk is the re- 
sponsibility of the individual credi- 
tor. but the former is based on 
trust, and failure to deliver could 
reflect on the reputation of the 
state, and so the Central Bank re- 
sponded quickly with its lines of 

“We look at the total effect on 
the position of the overall financial 
system, not the individual institu- 
tion,” a Central Bank source ex- 
plained in a recent interview. “We 
could not ignore the fact that he 

[Mr. Abulhassan] was a pan of the 
financial system— a sizable part — 
and since our role is to nurture and 
to protect die system, it was only 
natural we should try to neutralize 
any negative impact in a way that 
was realistic and practical for the 
Central Bank to follow.” 

By mid-Arpil negotiations to re- 
schedule the debts of both institu- 
tions were still ongoing. Bui it 
would appear most likely that the 
foreign-exchange and some money- 
market debts will be settled, by the 
government if necessary. But prob- 
able rescheduling into either five- 
or seven-year loans of the debts 
owed to domestic banks, with gen- 
erous grace periods and perhaps a 
cap on interest at no more than 5 
percent is likely, sources close to 
the negotiations say. 

At one point, the domestic banks 
were gang to accept a 100-pereem 
settlement of their loans to the 
Abulhassan company — converted 
into equity of a new leaner firm 
relegated actively to money-chan g- 

(Continued on Next Page) 

Private Sector Undergoing 
A Profound Reappraisal 

Oils The Long-Term Cornerstone of Development 

KUWAIT — The Kuwaiti private sector is go- 
ing through the most profound reappraisal and 
readjustment in its short history, and the results 
will have a significant bearing on the state’s devel- 
opment m the years to come. 

Like many of its Gulf neighbors, which have 
relied on oil to finance their rapid development, 
Kuwait has faced the anomaly of running a huge 
stale sector white being commuted to private en- 
terprise. This was always thought to he an un- 
avoidable consequence of tire country's need for a 
pbvsical and institutional infrastructure that only 
the state could provide. Once this infrastructure 
was in place, it was argued, the private sector 
would assume its rightful place as the focus of 
economic life. 

it has not worked out like that In the 1970s, the 
government bad a major problem in disbursing ofi 
wealth to ordinary citizens efficiently and effec- 
tively. Promoting the private, whether in the form 
of a taxi driver, a merchant in the souk or a chicken 
fanner, was considered a good way to spread the 
wealth and at the same time encourage private 
enterprise. However, it was done with little 
thought for the efficiency or economic relevance of 
the activity concerned. 

The Souk al-Manakh stock exchange boom was 
symptomatic of this lack of economic relevance or 

the quality of goods or sendees produced. Hie 
revelations exposed by the market's crash have 
highlighted the trivial role of much private-sector 
activity, as well as the glaring defidendes in its 
financial structure and m a n a g e m ent. 

Now the private sector is King asked to assume 
its position at center stage at a time when confi- 
dence. hurt by the Iran- Iraq war, the recession and 
the Souk al-Manakh trash, has never been lower. 

The dilemma of reviving confidence is com- 
pounded by the fact that there is still no dear 

consensus as to how Kuwait should develop in the 
long term. 

Should Kuwait try to develop a diversified econ- 
omy? Or should it lower its rights and exploit its 
existing skills, expertise and capital by looking for 
investment outside? This, in effect, would extend 
the present policy of lairing large stakes in blue- 
chip Western companies and move its oil industry 
downstream into European and other outlets, 
making, Kuwait effectively the headquarters of a 
large multinational holding company. 

The minister of oil and industry. Sheikh Ali al- 
Khalifa al-Sabah, is believed to favor the former 
option, which would entail a far lower level of 
expatriate labor. However, there is a great deal of 
domestic resistance to tire idea of Kuwait becom- 
ing a rentier society. living off the income from its 
foreign investments. The merchants, for their part, 
want as high a level of economic activity generated 
within Kuwait as possible because it would bring 
them more business. 

The question is what activities are viable in 
Kuwait. It is in this contact that the current review’ 
of stock-market companies that are in trouble is 
taking place. The task of restructuring them has 
been made easier because the crash has left the 
government holding an estimated 70 percent of the 
quoted shares. At some stage, the government will 
resell these assets to the private sector. 

Amalgamations are the most likely option where 
there is duplication, especially as it offers the 
opportunity to weed out weak management Amal- 
gamations nave already taken place in the industri- 
al sector. Kuwait Oil Tanker Co, has taken over 
Kuwait Shipbuilding Co., which now repairs army 
vehicles, and Kuwait Petroleum Co. has absorbed 
the troubled Melamine Industries Co. 

The Industrial Bank of Kuwait can be expected 
(Continued on Page 10) 

KUWAIT — Oil will remain the 
cornerstone of Kuwait's future eco- 
nomic development, and the couu- 
try's top source of income for the 
foreseeable future, as the govern- 
ment continues to exploit the coun- 
try's vast oil reserves. 

Unlike Saudi Arabia, Kuwait is 
not embarking on a rapid industri- 
alization drive to diversify its econ- 
omy. With reserves to last more 
than 180 years at the present rate of 
production, and with its oil minis - 
ter. Sheikh Ali Khalifa al-Sabah, 
pursuing a worldwide campaign to 
expand his country’s investments 
in the field, Kuwait seems to be 
banking on an upswing in demand 
for oil in the world energy market. 

Kuwait's oil sector provided 
more than 90 percent of budgeted 
revenues — tins does not include 
income from investments overseas 
— during the 1983-84 fiscal year, 
and the ratio remains unchanged 
during the current year, according 
to the Central Bank of Kuwait. 
Representing a little more than half 
of gross domestic product, the rela- 
tive weight of the oQ sector in the 
economy has expanded during the 
same period with an increase in 
erode output An increase in ex- 
ports of oil and refined products 
helped make up for (he drop in 
world market prices. 

The oil sector helped offset a fall 
in the second-largest source of pub- 
lic revenue as earnings from foreign 
investments dropped by 15 per- 
cent. The surge in oil and product 
sales, accompanied by a sharp de- 
crease in imports, also contributed 
to a balance-of-trade surplus of 12 
billion dinars (S4.1 billion). 

*78 *79 *80 ’81 *82 *83 * 8 £ _ *78 T9. 

Source: Kuwait Petroleum Carp* Arab Oil and Gat Monthly 

*81 *82 *83 !84 ’78 *79 

’81 *82 *83 ’Rt 

hobd GrttMouaM/WT 

The closing financial year’s posi- 
tive results were achieved when 
Kuwait's output remained around 
1.054 million and l.l million bar- 
rels a day during the second hall of 
1983 and the first half of 1984 re- 

. The increase, which continued 
through the fourth quarter of last 
year, allowed for a boost of local 
refineries’ output, averaging 
540,000 barrels a day, with Europe- 
an refining facilities processing an 
additional 100,000 barrels daily. 
The ratio of products to crude rose 
marginally during last year- But 
since the reduction of output, due 
to an overall lowering of the Orga- 
nization of Petroleum Exporting 
Countries* production cdling at the 
end of last October to match the 

new quota of 900.000 bauds a day, 
the relative share of products 
climbed to two-thirds of total oil 
production, and the trend has con- 
tinued through the first quarter of 
this year. The slashing of more than 
one-rixth of production —bringing 
the figure for total output closer to 
Kuwait’s record low figure of 
820,000 barrels a day in 1982 — 
will cast its shadow oh governmen- 
tal efforts to relieve the pressures 
slowing down the economy’s 
growth rate. 

Haring adopted an aggressive 
marketing campaign and having 
benefited from the market’s finn- 
ing during last winter, Kuwait has 
managed to substantially reduce its 
spot sales. Spot sales amounted to 
half its total sales during the last 

quarter of 1983. It also has succeed- 
ed in regaining most of its term- 
contract customers. And, indepen- 
dent 03 industry sources confirmed 
that its recent spot sales were made 
at OPEC’s approved price of 
$27.30 per barrel. In spite of 
OPECs production cuts last fall, 
which weighed more heavily on 
Kuwait than on other members, 
Kuwait has benefited from another 
recent cartel decision — the reduc- 
tion of price differentials between 
light and heavy crudes to meet mar- 
ket demand. 

This has relieved some of the 
marketing burden on Kuwait’s oO 
specialists, who are widely ac- 
knowledged not to have tried to get 
around OPECs rigid and outdated 
pricing system by offering dis- 

counts through barter deals or by 
providing easier terms of payment 
over longer periods of time. 

However, the fact that product 
sales, which are not covered by 
OPECs pricing system, currently 
account for almost two-thirds ot 
Kuwait's output and that Kuwait is 
distributing about 200,000 barrels 
through its outlets in Europe, mean 
that the cartel's restrictions hardly 
affect Kuwait. 

Kuwait is a leading OPEC mem- 
ber and cue that determines the 
outcome of the organization's usu- 
ally stormy sessions, although die 
country ranks ninth in terms of 
production among the cartel's 13 



For Private Sector, 

Reappraisal and 

l.- (Continued From Previous Page) and never 

.-to play an important role in re- 
'"vamping the industrial sector; al- 
ready it has plans to revive the 
•'insolvent Sanitary Industries. 

As for the financial sector, the 
new minister of finance and econo- 
jny, Jassiffl al-Kharafi. intends to 
support the banks and let than sort 
r out the sector’s problems. Never- 
iitheless, there is speculation that the 
j three govcnuneni-controlled in- 
vestment companies will be 
/merged. They are Kuwait Invest- 
. jment Co., wrnch added a loss of 27 
> milli on dinar s in 1984 to the 20- 
; minio n loss recorded in 1983, Ku- 
wait Foreign Trading, Contracting 
| and Investment Co., and the Ku- 
■ wait Real Estate Investment Con- 
. sortium. 

■ For the commerce and construc- 
tion sectors, the authorities appear 
to be supporting calls for greater 
protection, although they are tread- 
ing gingerly. The new policy of giv- 
ing local construction companies 
preference in projects has begun to 
bite in the last two months, and if a 
bill currently before the National 
.Assembly is passed, Kuwait will 
have taken a major step toward 
protectionism. There have also 
been calls to increase the tariff pro- 
tection for nascent industries. 

The key question as to the future 
of the reboot private sector is its 
attitude to risk and profit following 
the Souk nlManalrh crash- If the 
idea persists that the government 
will be there at the end of the day to 
bail out speculators, then little will 
have changed. Expectations of 
profit have come down dramatical- 
ly since the crash, bat have these 
expectations come down to a suffi- 
. cjcntly realistic level to make the 
- building of a solid professional ca- 
reer a viable proposition for a 
young Kuwaiti? 

The average Kuwaiti graduate 
with an engineering degree has all 
the trappings of affluence, inchid- 
] ing a Porsche and foreign holidays. 
But he fives at home because on his 
$2,400-a-month salary he could 
. never amass sufficient capital to 
“buy even a modest centrally locat- 
ved villa of his own. which even in 
/these depressed times go for $1 
million or more. The Sock al-Maa- 
• akh was the vehicle with which he 
■acquired capital and, thus; inde- 
pendence. As things now stand, 
what future is there for him con- 
’ tinning with an engineering career 

it on his own 

without family help: 

However, the crash has produced 
some salutary changes. The Kuwait 
Chamber of Commerce and Indus- 
try report on the recession of Feb- 
ruary last year gently criticized the 
part-time nature of modi of Ku- 
waiti management. 

The dilettante approach to busi- 
ness is underscored by the practice 
of top Kuwaiti businessmen of hav- 
ing three offices and as many jobs. 
In private-sector business, and es- 
pecially in banking boardrooms, 
meddling was becoming a major 
source of friction with professional 
managers. Management cuts have 
hit mainly at expatriate experts, 
sometimes to the detriment of the 
companies concerned, but dead- 
wood Kuwaiti management is also 
being asked to leave. 

Another important development 
has been the decline, especially af- 
ter the February elections, of the 
old merchant families' political 
clout. Tins is opening up the power 
base of the private sector. But inso- 
far as the Souk al-Manakh boom 
was an attempt by new money to 
break the hold of the old, little has 
changed. The Kharafis, the Ha- 
mads and the al-Ghanems are still 
silting on the same real estate. 
Their assets may be illiquid, but 
these families are diversified with 
solid foreign investments and have 
the staying power to outlast the 
“new moneys that is feeling the 
squeeze most. 

Mr. KharafL hims elf a scion of 
the Kharafi construction empire, is 
a strong advocate of the private 
sector. He envisages an enlarged 

role for it and is already thinking of 

privatizing a number of govern- 
ment services. He can be expected 
to be sympathetic to moves to stim- 
ulate confidence and activity. But, 
he cautions, ‘'we will be looking for 
a return on what we spend" 


Inside the vault room of the Bank of Kuwait and the 
Middle East 

Cheap Imports, Gulf War Cut 
Industrial Development Plans 

A Food Supplier Shows 
An Alternative to Oil 

Assessing the success of his mea- 
sures means waiting for a stock- 
market recovery, which could be 
two years away. He faces some ma- 
jor obstacles in malting the private 
sector relevant and competitive. 

But the top end of the construc- 
tion industry has shown it can com- 
pete and private investors are again 
commgforward for industrial ven- 
tures. The private sector may be 
down, but it is not oul 

KUWAIT — Kuwaitis have ac- 
quired large appetites over the 
years of prosperity. A company 
that works to make the most of this 
appetite is Americana, brand name 
for Kuwait Food Co., which is to be 
found on supermarket shelves 
throughout the Arab world. 

The name comes from the New 
York hotel where the company’s 
founders stayed while assembling 
technical know-how and manage- 
ment expertise before setting up 
the business in 1963. 

The company is linked to the 
established mercantile community 
of Kuwait and shows its traditional 
acumen. The chairman is Nasser 
Mohammed al-Kharafi 

Food-processing is Americana’s 
domain. Gulf governments often 
talk about this as a promising area 
of diversification from oil, but the 
problem — as with most industrial- 
ization in the Gulf — is largely one 
of markets. Talk about the region 
seldom looks beyond the Gulf and 
a potential market of around 11 

milli on _ 

Americana has spread its net 
wider, in particular to Egypt, the 
largest market of aD in the region. 
Many of its manag ement team are 
Egyptians and one of Americana's 

House and Hardee's. It also started 
up its own Chicken Hkka chain, 
partly to cater to the Gulfs large 
Asian population. Americana now 
owns ana operates 120 restaurants 
throughout the Middle East. 

Americana next went into pro- 
viding buns to the restaurants from 
its bakery in Kuwait, and from 
there to the takeover of a Lebanese 
confectioner, Samadi, and the male- 
ing of Arab candies. 

In 1983, Americana Internation- 
al linked up with the American 
supermarket chain Safeway and in 
June this year is opening a huge 
supermarket on the edge of Kuwait 
City, in the Dajeej shopping area. 

three meat-processing plants is 
others are in Kuwait it- 


there (the 
self and in Saudi Arabia). It also 
has poultry and associated chicken- 
feed plants in North Yemen and 

Meat-processing was Ameri- 
cana's first venture. It expanded 
from there into fast-food chains, 
picking up the franchises for 
Wimpy, Kentucky Fried Chicken, 
Pizza Hot and Staler Family Steak 

Most Kuwaitis buy their staple 
foods at cooperative stores. These 
are set up in each neighborhood by 
a locally elected council and are 
restricted in their profit margin to 
around 10 percent. The Dajeej 
shopping area is outride residential 
Kuwait, which explains why Amer- 
icana can open its supermarket. 
The company will be selling its own 
branded goods — meat, including 
sausages, salami, frankfurters ana 
hamburger — os well as such items 
as frozen vegetables and dairy 
products, which it imports in bulk 
and packages in Kuwait. 

A lot of this food now comes 
from Turkey, which is advertising 
itself as the potential supennarket 
of the Middle East capitalizing an 
the Ott oman heritage that is such a 
dominant flavor in Middle Eastern 
food. And it is highly regarded by 
Americana as a source of fresh in- 
gredients that can be trucked to 
Kuwait swiftly and cheaply. 

By Sarah Searighc 

KUWAIT — Nonoil industry in 
Kuwait is down in the dumps these 
days. It is suffering from imports of 
cheap mass-produced consumer 
goods, while the Gulf war has elim- 
inated its large Iraqi market. More- 
over. the Souk al- Manakh stock 
market crash has left the tradition- 
ally parsimonious Kuwaitis even 
more reluctant to invest in the un- 
certainties of the long-term future, 
which industrial development 
looks aL 

Often not enough value is added 
to bulk imports (dairy products, 
paints and beverages, for instance) 
to justify the ventures. Markets are 
limited; the Gulf region popula- 
tion, excluding Iraq and Iran, is 
about 11 milli on. And not enough 
attention has been paid to develop- 
ing good managem ent. 

Industry’s contribution to gross 
domestic product has stayed at just 
over 7 percent for the last three 
years despite efforts to improve the 
level; 10 years ago, before the de- 
velopment of downstream oil in- 
dustries, it stood at nearly 11 per- 

Diversification from oil was a 
great ambition in the 1970s. Gov- 
ernment incentives for petrodollar 
investments included cheap bank 
loans, inexpensive land and utili- 
ties, mostly in the industrial areas 
of Shuwaikh and Shuaiba, and 
some duty protection from compet- 

In these less affluent days, Ku- 
wait is reassessing its priorities. 
Most significantly, the old Ministry 
of Industry and Commerce has 
been split in the recoil government 

crash because they made their prof- 
its ow of share dealings rather than 

Some of the weaker companies 
are being nursed along far die mo- 
ment by Kuwait’s Industrial Bank, 
among them Gulf Paper, which, 

with a change of manag ement by 

the bank, doubled its output last 

The Industrial Bank was set up 
in 1973 as a joint 
the Ministry of Finance, the 

sector at the moment is chemicals, 
fertilizers and chemical products. 

Kuwait Oxygen falls into this 
sector, a remarkably successful 

company that relies on raw materi- 

’ My - — 

als locally available in unlimited 
quantities — air. 

It is one of the oldest industries 
in the country, manufacturing in- 
dustrial and medical gases. It was 
initially encouraged by Kuwait Oil 
Co., which needed the gas for drill- 
ing. It exports all over the Middle 

Industry’s contribution to gross domestic 
product has stayed at just over 7 percent 
for the last three years despite efforts to 
improve the leveL 

reshuffle, with Indus try joining CHI 
under Sheikh Ali al-Khalifah al- 

Sabah and Commerce joining Fi- 

Kuwaiti industry is going 
through a salutary shake-up in 
which the fittest will survive. Sever- 
al companies have foundered in the 
aftermath of the Souk al-Manakh 

traj Bank, commercial banks, in- 
surance companies and some large 
industrial concerns. Its objectives 
were ambitious: to plan for long- 
term, nonoil industrial develop- 
ment, to initiate industrial projects 
and investment, to provide loans 
and equity, to finance projects in 
the Gulf overall and to bring tech- 
nology to Kuwaiti 

Over the years, the Industrial 
Bank has helped 325 projects to get 
going, nearly half of them in the 
construction-materials field, which 
the market needed so desperately 
throughout the 1970s. Many of 
those are now suffering from the 
drop in construction. 

The bank has helped cushion in- 
dustry against the parsimony of the 
commercial-banking sector, whose 
credit facilities for industry were 
down in June 1984 by 2.7 percent, 
compared with the first six months 
of 1983. The bank’s own contribu- 
tion to overall project financing is 
now more than half the total, indi- 
cating yet again the prevailing ten- 
dency to regard the government as 
the fount and mainstay of most 
economic activity. 

The most promising industrial 

East, alt 1 .agh its big market, Iraq, 
is temp xarily shut down. Its man- 
agement is efficient and it is deter- 
mined to keep up with technologi- 
cal developments. 

Protection remains a lively issue. 
The Kuwait Chamber of Com- 
merce and Industry estimates that 
it costs a new industry 20 to 40 
pe rce nt more to set up in Kuwait 
than in industrialized countries, 
mainly because of the costs of man- 
power and raw materials relative to 
the market. The chamber advocates 
immediate protection at the start- 
up of production, a tariff shield of 
as much as 30 percent for the first 
five years and the establishment of 
an export promotion fund along 
the lines of the U.S. Export-Import 
Bank, to he administered by the 
Industrial Bank, which also favors 
initial protection. 

The “economic reactivation” 
committee set up last autumn, 
which reported to the government 
in February, also suggested a fund, 
backed by the commercial banks, 
to encourage private investment in 
small commercial ventures. 

The proposal was partly socially 
motivated, to get Kuwaitis them- 

An automatic cash-dis- 
pensing machine in Ku- 

wait City. 

■ .1 

■ 3 FS 

•_ *7 

selves, especially the young, in- 
' volved in the economy. It was sug- 
gested that Kuwaitis could apply 
for licenses and loans for their ven- 
tures provided they could show 
they were employed in them full- 
time. i# . 

One way of getting around the 
man y obstacles to local industrial- 
ization is to go overseas, following 
the example of Kuwait Petroleum 
Corp.'s global ramifications. There 
is much talk in the Gulf about tech- 
nology transfers, and in the oil in- 
dustry this has worked to a limited 
extent In other economic sectors, 
however, it is less realistic; there - 
are still not enough Kuwaitis ready 
for it. • 

The Industrial Bank is pioneer- t 
ing the overseas investment in ven- 
ture-capita] projects — in the Unit- 
ed Stales. Southeast Asia and 
Japan. The idea is to invest in high : . 

technology, ventures that tend to r 
be high risk, highly rewarding and, 
above all educative. At least it is an 
alternative to real estate and securi- 



An Effort 
To Rebuild 



Wo gave you the most comfortable “SLEEPER E TT E S** 

to fly you in without fatigue. And now A worldwide 

on-board telephone service to meet your communication 
needs. In other words we are ensuring that you will reach 
your destination fresh and up to date with your business 

Where east meets west 

(Continued From Previous Page) 

jing off the evil day. The fear, as 
one local observer put it, is that 
“one of the bigger institutions 
should get into trouble and that it 
would end up at the banks' doors.'’ 

Mr. Kharafi has stressed the gov- 
ernment's determination to stand 
behind the banks and provide them 
with the means to solve the mar- 
ket’s financial problems. 

Market sources believe the banks 
could be under some threat, given 
the downside potential that still ex- 
ists on shares and the extreme diffi- 
culty in liquidating property. Esti- 

mates vary as to the percentage of 
id dot 

bad and doubtful debts held by the 
banks, but one reliable source 
thinks they could be as much as 1.6 
billion dinars of the banks' 4.8 bil- 
lion dinars of outstanding loans. 
The banks' published reserves and 
equity would only cover half that 
amount, and the source estimates 
that their hidden reserves are only 
400 milli on dinars. 

The Press: An Independent Outlook 

KUWAIT — The mercantile traditions of Ku- 
wait have assured an interest in the outside world 
among Kuwaitis that is not always to be found in 
other more inward-looking societies of -the Arab 
world. It also encouraged an independence of 
outlook reinforced today in the large numbers of 
daily, weekly and monthly publications. 

Ask a Kuwaiti which daily newspaper he reads 
and invariably the answer is, “Why, all of than." 

There is a certain amount of censorship in the 
Kuwaiti press — the ruling family and leaders of 
neighboring or friendly states may not be criti- 
cized. Nor is Islam open to discussion. But a draft 
press law that went before the old National Assem- 
bly to clarify these areas and possibly extend them 
is unlikely to be revived. Hie press is more forth- 
right in its opinions than in many parts of the 
Third World and it encourages a political dyna- 
mism that is reflected in the new National Assem- 

There are five daily Arabic newspapers. The 
leader is Al-Watan (The Homeland), which first 
began publishing in 1961, the year of indepen- 
dence. It belongs to AJ- Jena’ at, a tribal grouping of 
old merchant families. One of their members, Mo- 
hammed Musaad al-Saleh, a lawyer, is the chair- 
man, and another, Jasim al-Mutawa, is the editor 
in chief. It is by far the most sophisticated of the 

of other countries and it also publishes a weekly 
Computer World. 

Al-Qabas (The Beacon) is owned by the Al-Saqr 

family. The editor in chief is Mohammed al-Sa^r, 


dailies, both in terms of its abrasive 


(critical, for instance, of the government’s han- 

dling of the economy) and its actual printing — no 
expense spared to bring in the latest technology. 
Al-Watan includes occasional financial surveys 

and die paper generally projects the views of 
business community. 

AJ-Seyassa (Politics) has a reputation for being 
more moderate than some of its competitors. It is 
sometimes described as a mouthpiece for the Sau- 
dis and was the only Kuwaiti newspaper to support 

of.PresSLat Hosni Mubarak ^ofEgypfand King 
Hussein of Jordan. It is, therefore, popular with 
the 200,000 Egyptian residents of Kuwait 

The oldest daily in Kuwait is Al-Rai al-A’am 
(Public Opinion), often projecting a harsher, anti- 
American and pro-Syrian line than the other publi- 

Al-Anbaa (The News) is owned by the Maizoak 
family and is edited by Faisal Yousef al-MarzooL 

ATArabi (The Arab), a cultural monthly, stands 
out among the periodicals, with a rircuiation of 
about 350,000 copies. It was founded in 1958, on 
the crest of the Nasserist wave, when a strong 
undercurrent of Arab nationalism was beginning 
to make itself felti 

The first editin' was an Egyptian intellectual, 
Ahmad Zaki, who established the format of the 
magazine. Its present editor is Mohammed al- 
Rumaihi, a former sociology professor at Kuwait 
University, known for his radical views on the role 
of the Arab wadd in the 20th century. 


, ^ V. 

. *7 

y\ t**<y 

i ' i 1 

«*• WJL 

. ®!y th 
s good 

The bead of the Central Bank's 
banking supervision department. 
Sheikh Salon al-Sabah, says that 
his officers, in going through the 
banks' accounts, have allowed for 
all eventualities. “We know the 
provisions, specific and general’' 
he said. “Tm not worried ... I am 
lelely sure the situation will 


The Central Bank is acknowl- 
edged to have done an excellent job 
in going through the banks’ ac- 
counts. The fear, much reduced 
since the government statement, 
has been that a crisis could over- 

whelm (he Central Bank’s most 
conservative accounting and the 
government's best-laid plans. 

Those plans are well developed. 
They call for the creation of a mort- 
gage company that would buy the 
doubtful debts at around 80 per- 
cent of their face value with a 1- 
bfflion-dinar government cash in- 
jection. Proceeds from the sale of 
these assets would malca up the 
balance. The government also 
plans to liquidate the 1-bfilion-di- 
nar aggregate debt of the 30,000 to 
40,000 small shareholders locked 
into worthless closed-company 

Government policy has come far 
more into focus since the publica- 
tion of the Economic Activation 
Committee report in December. 
The shakeout is seen as a process of 
“normalization" to moderate, sus- 
tainable levels of growth after the 
hectic development of the 1970s. 
The dramatic slowdown in public- 
expenditure growth of last year is 
likely to continue. Overall expendi- 
ture fell from the range of 15 per- 
cent to 22 percent over the previous 
three years to 6 percent m 1984- 
1985, despite a 2-percent rise in 
development expenditure. 

An undersecretary at the Minis- 

try of Planning, Fuad Mulla Hus- 
sein, says the government wants to 
avoid fluctuations in development 
spending and will be aiming to re- 
duce such expenditure in 1985- 
1986 to the average of the past two 
to three years, effectively a fall of 
about 40 million to 60 million di- 

nars to 750 million to 770 millio n 

r n 

’ • . »\ 

A new five-year plan is before 
the cabinet, reflecting a greater 
commitment to p lanning it wiQ 
concentrate on mim an- resources 

Now the most 
competitive rates in 
the Arabian Gulf ... 

While maintaining the 
high standards for 
which we are 
known - 


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• - — - 




Page 11 



, Pensuvg machi,”^ 
1 waitCity 

especially u* 


gested that Kuwait?' lv «a 

Provided iS 2,}?^ 
jjwy were employed Infl!^ 


lationistogooveSl^ 7 

the example of 

is much talk m the CuK^ 

nology transfers, and 

dusuy this faas workXtw 

extent. In other 
however, u is less 

are stUI not enough^ 

The Industrial BanU.^ 
mg the overseas im eamo,^ 

ture^apiia] projects— 
ed States. Southeasi E" 
Japan The idea bioim^' 
technology', ventures ihai J! 
be high risk, highly reward 

above all. educauvc. At ban' 
alternative to real estate and ' ■ 

Is Building Sector 
Over the Worst Yet? 

nt Outlook 

s and it also publishes am* 

Beacon) is owned by the.Ufe 
<r in chief is Mohammed il-fe* 
■■nerally projects the news of a 

ilitics'l has a repuuuoc forte: 
han some of its eompemeusL 
bed as a mouthpiece far tki. 
nly Kuwaiti new spaper tosupp., 
talks and the present peace ink ‘ 
mi Mubarak of Egypt and t 
an. It is. therefore, popular n 
jtian resident* of Kuwait 
ily in Kuwait is Al-Rai al-Vr 
i, often projecting a harsher a 
o-Svrian line than thf oihopt- 

e News) is owned by the 
ted by Faisa! Yousef al-Maaa 
Arab), a culmral raondtli.sai 
periodicals, with a oroMa? 
jpies. It was founder m 1 
: Nasserist wave. 2 xr-. 
Arab nationalism was lepE- 

or was an Ecy?^" lKldic ^ 
ho establisnrc 
.resent caw: * 

wsociotaivp*« afc ?;j5 

ATI for bis racicii 

KUWAIT — There arc two 
schools of thought as to the health 
and prospects of Kuwait’s con- 
struction industry. 

. There are those who think thai ii 
has weathered die slump and that 
conditions will steadily improve as 
Urge government contracts pre- 
pared during the past few months 

percolate woriTtgaui thnw^Mhe 
system. And there are those who 
believe that the industry, far from 

theiLal phases of tbe^Souk aJ- 
MaxuJch crash and specifically, 
those companies that placed tbar 
advanced payments and spare cadi 
on the unofficial exchange and are 
only now staving off bankruptcy by 
delaying debt settlement. 

Revival has been slower than 
many hoped because the au- 
thorities have been painstaking in 
reviewing their strategy. Many con- 
tracts went bade to be rethought 
and tendered. Among these was 
one of Kuwait’s major prestige pro- 
jects, the S400- million Mirqab 
Transportation Center, which has 
been redesi gn ed at almost half its 
original cost Similar ly, the Water- 
front Project, a grandiose develop- 
ment in Eve phaw i hat wjB trans- 
form Kuwait's seafront, has been 
drastically rescheduled, with the 
middle phases three and four H«ng 

But many of these revised pro- 
jects, and others besides, products 
of the 25-percem increase in pro- 
ject spending sanctioned in the 
1984-1985 budget, are coming up 
to lender. The 76-miIUon -dinar 
(5251-million) Conference Center, 
which will house the 1987 summit 
of the Islamic Conference; is now 
under way, with bids being invited 
for various aspects of the work. 

There are also some other trig 
contracts recently awarded or in 
the pipeline: for hospitals, ISO mil- 
lion dinars worth of roads and in- 
frastructure, a 41 -million-dinar 
communications center, the Al- 
Zour desalination plant and an an- 
cillary 5 O-million -dinar water dis- 
tribution and pumping facility. 
There is also a 122- million-dinar 
project to buDd a road -rail bridge 
linking Doha and Sbuwaikb port 
across Sulaibikhat Bay, which will 
form the first leg of a rail link with 
Iraq and later with Dammam in 
Saudi Arabia. In addition, the Na- 
tional Housing Authority has 4,000 
units under construction and is 
preparing the infrastructure for 
1.500 lots. 

It is also about to -sign contracts 
for 1,200 more housing units and is 

tenders, in addition, for 
13,000 homes. 

For the first time, a local compa- 
ny, the Kharafi group, has prtqua- 
lified alone in an international 
tender for the water-distribution 
and pipe-laying contracts far the 
AJ-Zour desalination plant. 

The Iran-fx&q war las added to 
the pressures of competition. 
Hyundai Engineering and Con- 
struction Co. a South Korean 
group, far instance, cut its heavy 
Cases in Iraq and moved all its 
equipment down to Kuwait. The 
result has been some very low 
tenders. The airport runway was let 

for 60 percent of budget, while Ab- 
madiyih Trading & Contracting 
Co., a local firm. Did a similar price 
below budget for the civil works for 
the Conference Center. 

According to Fuad MuIIa Hus- 
sein. undersecretary at the Ministry 
of Planning, highway contracts 
have been let at an average of 30 to 
35 percent bdow budget. Taiwan- 
ese construction companies have 
been edging out the Smith Koreans 
in this very competitive market 
As the calls for greater protec- 
tion grow, the foreign companies 
are going to find the going harder. 
A motion is before the new Nation- 
al Assembly that will greatly in- 
crease the discretion of the Central 
Tender Committee to allow' indi- 
vidual ministries and departments 
to deal directly with local compa- 
nies on contracts and to allow at 
least 30 days between announcing 
preqtulificatioos and tendering to 
allow firms time to appeal if they 
do not prequalify. 

The motion also calls for the 10- 
percent price adv outage enjoyed by 
local companies to be raised to i5 
percent mid for the introduction of 
a "30- percent rule," whereby for- 
eign companies would be required 
to subcontract 30 percent of their 
contract to local companies and to 
buy at least 30 percent of their 
supplies through the local market 
There have also been calls for Ku- 
wait Fund loans to be tied to Ku- 
wait’s supplies and contractors as 
most other dev elopment aid is tied. 

The mainstay of the construction 
industry remains the bousing sector 
and its importance is likely to grow 
as government development spend- 
ing is adjusted downward in the 
financial year beginning July 1 to 
the average of the last three years. 
The Housing Authority has plans 
to raise its spending from 145 mil- 
lion dinars to 180 million dinars in 

In general, demand from the pri- 
vate sector is flat and will remain so 

In the field of 
daily newspapers 

only the best 
is good enough, 

And it is Seyassah's policy to give 
you the best 

Commercial sense must not suppress 
news sense. 

And the news must be edited and 
presented to the high standard that 
today's reader demands 

This is where Dai Al-Seyassah. in all its 
publications, leads the held. 


.(SA 10 

DarAl Seyassah 

For.funn*?r-.d«:.!;»»i'f-.cocses cornet 

DAR AL-SEYASSAH EST, P 0 Box 2270 Kuwait 
Cable ALSIYASSAH Telex 22332 SIYASA KT Telephone 613566 
91-101 Oxford Street. London W:P IRA 
TUep'iop'- •'): 4 39 9/6' Telex 94h?4 

Qv« Kundwo 

In the capital, an old 
mosque in front of a new 
bank building. 

Gulf Conflict Leads to a New Strategy of Defense 

KUWAIT— Wilh the war between Ira 
no signs of subsiding as it enters its filth year, Kuwaiti 
foreign policy toward Tehran has shifted its emphasis from 
conventional diplomacy to a strategy of defense against 
Iranian threats to its oil installations. 

Since the bonder skirmishes over the disputed marshes 
between Iraq and Iran erupted into an open war, Kuwait has 
joined other Sunni states in the region in calling for an end uj 
the fighting, while hoping that it would not spill over the 
border area nor develop into a superpower confrontation. 

Storing borders with Iraq and located less than 50 kilome- 
ters (31 miles) from the fighting Kuwait remains an obvious 
target for retribution from Teheran in the Gulfs tanker war. 
Iran has warned Saudi Arabia, Kuwait and the other mem- 
bers of the Gulf Cooperation Council — Qatar, Bahrain, 
Oman and the United Arab Emirates — to stop subsidizing 

Kuwait’s contributions to Iraq in direct financial aid are 
estimated by Western sources to be one-third of the 530 
billion given by the peninsula’s oil-producing; states since the 
war started. Although the rate of disbursement seems to have 
dropped lately, Kuwait and Saudi Arabia continue to pro- 
vide Iraq with the returns of <al produced by the offshore 

field in the neutral zone located between the two countries. 
Moreover. Kuwait’s ports have provided Iraq with badly 
needed port facilities. 

Kuwait has declared the island of Busyan. the closest 
Kuwaiti territory to Iran, a restricted military area. The 
island is a fully equipped naval air base, according to 
Kuwait’s minister of defense, Sheikh Salem al-Sabah, who 
warned Iran against attacking Busyan. 

Regarding Iraq as its front line. Kuwait rallied along with 
the other Gulf states to extend financial aid to Baghdad to 
stem Iran’s expansion and — more importantly — to 
ft the advance of religious fundamentalism. 

As their hacking for Iraq becomes more open and the 
pressures of the war increase, Kuwaiti officials seem to be 
finding it less desirable to try to temper Iran's revolutionary 
fervor and are more inclined to think in terms of defending 
their country. 

Kuwait is backing its firm stand against threats within and 
outside its borders with an increasingly sophisticated and 
better trained army. It has moved to acquire modem hard- 
ware and to coordinate its defense with Saudi Arabia. 
Western sources recently said that Kuwait was 
battalion of 

of integrating its 

Hawk ground-to-air 

with Saudi AWACS, the airborne warning and control 
systems. It also has broadened the range of weapons to be 
used by its armed force over a short period of tune, partly 
by diversifying its suppliers to include the Soviet Union; apd 
it is raising its number of fighter aircraft to 32 French Mirage 
F-l fighters. 

Kuwait’s relations with the two superpowers have varied 
during the last year, largely reflecting U.S. and Soviet 
responses to Kuwaiti requests for arms. Kuwait maintains 

the GCCs view -*-*■ •*- J - r 

of its member 

involvement in the event or a pr 

But one source of temporary displeasure with Washington 
last year was the Reagan administration's rebuff to a Ku- 
waiti request to buy Stinger missiles. 

As a result, Kuwait made a similar request to Moscow.’lt 
is the only Gulf state acquiring Soviet arms, in addition to 
being the only GCC member with full diplomatic relations 
with the Soviet Union. The same is true for China, and 
Kuwait lately has moved to develop economic ties with 


Real Estate Market Goes 
From Boom to Bargain Rents 

until the huge overhang of private 
and residential property on the 
market has been absorbed. That 
could take many years. However, 
middle-income residential con- 
struction continues in Fimas and 
Jahra, and there is still some dc-, 
raand for specialized residential 
and commercial properties. 

The long-term demand, particu- 
larly for housing from a Kuwaiti 
population growing at 3.6 percent a 
year, is undisputed, as is the under- 
lying strength of the top end of the 
construction sector, which increas- 
ingly is finding itself able to com- 
pete successfully in regional and 
overseas markets. 

But in between, the going could 
be very rough. No one doubts that 
an end to the Iran-lraq war would 
create a new situation, but it might 
not be quite die game everyone is 
expecting. All agree that there 
would be a huge demand for goods 
and services that Kuwait’s con- 
struction industry would be ideally 
situated to provide. But the ques- 
tion is whether the oil used today 
for these services would retain its 


KUWAIT — The commercial 
area of the center of Kuwait is a 
dramatic landscape of large tower 
blocks and even larger cranes hov- 
ering over half-finished buddings. 
Cries of economic woe are not easi- 
ly reconciled with this scene, until 
one remembers that the lead time 
on these buildings is three to four 

Most were conceived at the peak 
of the ml boom in 1980. They are 
being completed in a market that 
has no need for them, where rents 
have crashed an average 50 percent 
in the last year alone. 

In 1981 came the height of the 
Souk al-Manakh speculation. Even 
the most hard-headed businessman 
was involved; it provided a spark of 
excitement and it could not. so ev- 
eryone assured each other, go 
wrong. In the Souk al-Manakh 
building itself, where a physical 
presence, however small, was need- 
ed for share dealing, floor mace 
was being offered at 28,000 dinars 
(592,000) a square meter; a tiny 
shop changed hands for 9 million 

Such prices inevitably had an im- 
pact on adjoining land prices. 
Some of the real estate in the center 
of the city was actually registered in 
the name of semi-fictitious compa- 
nies traded on the Souk al-Manakh 

In 1982, oQ revenues slid down- 
ward and the Iran-lraq war began 
to make itself felt on Kuwait’s re- 
export business. The downturn in 
the economy suddenly affected 

confidence in Souk al-Manakh. 
When the crash came in the au- 
tumn of 1982, real-estate prices 
were among the first to be affected. 
Now the huge commercial com- 
plexes are either half empty (land- 
lords would rather keep man emp- 
ty because lowering the rates 
affects the selling price) or rents 
have been halved. 

Many of the cranes ore moving 
out of the commercial area into 
neighboring Sharq, the direction in 
which business was destined to ex- 
pand had the boom continued. 
Sbarq is a good reflection of the 
real-estate situation today. Older 
buddings, such as the three white 
towers of Abraj al-Awadi, although 
only four years old, are already 
showing signs of wear and tear in 
their rents (about 5 to 8 dinars per 
square meter). 

The new blue-glass Sbarq Tower, 
complete with helipad, rents at 
about 1 LS dinars a square meter, 
already down Tram 18 dinars, 
which was asked initially. And the 
warning signs are finally being 
heeded: Two 20-story lowers at Al- 
Mashriq nearby have been post- 
poned, while the Kaleejiyah block, 
built as offices, has bear convened 
into a departinent store, the only 
one in Kuwait. 

The fact that rents have halved in 
a year is only realistic, according to . 
Ziad Taki, chief economist at the 
National Bank of Kuwait. Rents in 
1980-1981 were wildly exaggerated. 
There are some impressively large 
projects to come on to the market. 

however, one of which is Kuwait 
Finance House’s giant Al-Muth- 
aona complex of shops, offices and 
apartments in Jahra Street. 

The Finance House is Kuwait’s 
Islam ic bank. Islamic banking de- 
rives from the Koranic prohibition 
of interest. Real estate is one of the 
main avenues of investment, and 
until last year the Finance House’s 
profits from litis and trade financ- 
ing brought investors a handsome 
return on their money. In 1983, 
however, the reverberations of the 
Souk al-Manakh crash on real es- 
tate, which often was held as collat- 
eral for the collapsed shares of the 
unofficial market, shook the fi- 
nance House, more than half of 
whose holdings were real estate. 

Assets valued at 400 million di- 
nars in 1982 are now' put at 270 
million dinars. And last year, there 
was no profit to share with deposi- 

There is a housing shortage in 
Kuwait because the government 
has promised every Kuwaiti a 
dwelling, and in the past it has 
interpreted this as an apartment. 
But no Kuwaiti, of whatever in- 
come. wishes to live in the apart- 
ments that the government has 
built to meet its obligations. 

A conspicuous example of this 
refusal is the Sawabir complex. 
handso me spacious apartments de- 
signed for middle- and lower-in- 
come Kuwaitis and buQt by the 
National Housing Authority. The 
rent would be subsidized for Ku- 
waitis, but not for the 40 percent of 

Ora KiniLftarti 

Hie shopping center in die mall inside the Meridian 
Hotel in Kuwait City. 

the population that is not Kuwaiti 
and cannot afford the apartments. 
So they remain empty. 

City dwellers blame town plan- 
ners for environmental problems. 
Kuwait City was laid out for a 
higher population growth than has, 
in fact, occurred. The plan gave the 

city a good road network, made the 
most of the coastline and envisaged 
segregated land uses — commer- 
cial. industrial and residential. But 
zoning regulations have often been 


Ample Liquidity Backs 
Financial Institutions 

(Continued From Page 9) 
ing operations —but the deal Ml 
through when one of the eight 
banks refused, sources said. 

An agreement of the Kuwait Fi- 
nancial Center is expected to be the 
less difficult of the two since sever- 
al of its shareholders, which in- 
clude members of the ruling al- 
Sabah family as well as members of 
other powerful merchant families 
— have committed another 5.5 mil- 
lion dinars in fresh capital 

While the commercial banks of 
the first tier are better positioned to 
deal with the economic downturn, 
they are, nevertheless, still saddled 
with sizable doubtful domestic 
debts that are demanding more and 
mare of management’s time to re- 
solve. Local bankas have suggest- 
ed that these bad debts total as 
much as 1J billion to 2 billion 
dinars, or about 40 percent of the 
entire domestic loan commitments 
of the banks. One bank manager, 
for instance, conceded that if he 
applied his American definition of 
a oonperf arming loan to his portfo- 
lio, interest that is more than 180 
days past due. then at least half 
woula fit the bill. 

Largely due to the fall in share 
prices, borrowers either lack the 
liquidity — or refuse to liquidate 
foreign assets — to repay their 
loans to provide additional collat- 
eral that may be called for in the 
“top-up" clauses of their loan 

Likewise, it is difficult, not to 
mention costly, for a bank to fore- 
close and sell off whatever collater- 
al is collected because selling in 
such a thin share and real-estate 
market would only accelerate the 
downward pressure of prices and 
make the coDateral worth even less. 

The banks are thus finding them- 
selves between a rode and a hard 
place, and their options are few: 
basically, to hike up their provi- 
sions and, as one banker suggests, 
“write off the hopeless, and re- 
schedule the wounded but breath- 
ing into medium-tom, low-yield- 
ing credits and hope for the best-" 

One proposal making the rounds 
among the banks is to form a new 
company, capitalized jointly, at 
least at 1 billion dinars, by the 
Hanks and the government, which 
would buy the bad debts at a steep 
discount and then negotiate direct- 
ly with the borrowers on a resched- 
uling. Another, perhaps more real- 
istic, proposal, since parliament 
may not be receptive to the first 
idea, is to establish a management 
or steering committee representing 
the banks that would be empow- 
ered to negotiate cm behalf of all 
the banks on the terms of any re- 
scheduling Bui the risk would re- 

main on each individual bank’s 

While the consolidated assets of 
the banks declined by 4 percent last 
year to 9.5 billion dinars from a 
peak of 9.9 billion dinars in 1983, 
the decrease was due entirely to the 
decline by nearly a fifth in inter- 
bank activity. 

Total domestic and foreign lend- 
ing investments in fact rose by 9 
percent to 6 billion dinars. Reflect- 
ing the diversification strategies 
employed by most of the banks, 
foreign loans and investments ac- 
counted for nearly half the growth, 
rising by 27 percent during the year 
to I billion dinars while loans to the 
domestic private sector rose 7 per- 
cent to 4.1 billion dinars after regis- 
tering a slight decline in 1983. Oth- 
er domestic investments, in the 
government relief bond issues on 
behalf of the smaller Souk al-Mau- 
akh debtors or commitments to the 
specialized institutions, accounted 
for another 931 million dinars. 

Unfortunately, deposits only 
rose half as fast, rising 4 percent 
during the year to 4.5 billion di- 
nars. Furthermore, there was a fun- 
damental shift out of the more ap- 

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accounts, which drove up 
the average cost of funds. Demand, 
or current, deposits steadily de- 
clined by 25 percent through the 
year to 558 million dinars as inves- 
tors lost interest in the speculative 
plays in either the real estate or 
stock markets. Instead, they shifted 
surplus dinars into foreign-curren- 
cy accounts when the interest rate 
differential on dinar and Eurodol- 
lar deposits widened to 4 percent in 
the spring. 

Particularly irritating to many of 
the banks was the Central Bank's 
refusal in September to allow the 
banks to charge an interest rate of 
more than 10 percent — including 
all front-end fees — for dinar-de- 
nominated loans, Those banks 
brave enough to lend during the 
period found themselves lending at 
rates below the top end of their 
marginal cost and rands, a practice 
banks are not especially fond of. 

While the actual profits were cer- 
tainly lower in 1984 from 1983, the 
banks could have opted still for 
slightly higher publisned profits to 
maintain an image of continued 
growth, but which of course, would 
have also meant less provisioning. 
The Central Bank stressed the lat- 

The higher provisions will no 
doubt strengthen the banks over 
tiie long term. The Central Bank, in 
effect, removed shareholder pres- 
sure on the banks’ management — 
ususally their board of directors— 
to pay out the higher dividends and 
instead stash away additional pro- 
visions against what could be high- 
er writeoffs this year. 

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We took our name from the hilly 
area of Burgan where once caravans 
used to stop on their travels in the 
Arabian Peninsula, and where the first 
and largest oil field was discovered. 

So 'Burgan' not only stands for the 
country's past tradition, but its present 
prosperity too. In our case, it also 
stands for something else, a progres- 
sive attitude that is definitely looking 
to the future. 

And that's something we believe 
is a very important quality in a bank. 


After ail, a bank's success is often 
dependent on its ability to spot future 
business potential. Oursuccess is proof 
of us having that ability. 

So. if you need a forward looking 
bank, talk to us. 

At Burgan Bank we can help with 
contract or project financing, trade 
financing, loans, fund management, 
foreign exchange and a full range of 
other financial services. 

Whichever you need, use us once 
and you'll never look back. 







Burgan Bank SAK. PO Box 5389 Safat, State of Kuuwif Telephone : 439000/20. Tela: : 23309 BURGAN KT 

- • t.- 

Page 12 



At Stock Exchange, 
Prices Mirror Lack 

Of Confidence 

KUWAIT— “The 564,000 ques- 
tion right now," the young Kuwaiti 
suggested as he sipped his tea while 
talking about the recent fall in 
share prices in Kuwait's stock mar- 
ket. “is how do you break this vi- 
cious cycle of falling prices and 
investor confidence feeding on 
each other?” 

It is perhaps the question being 
asked by nearly everyone in Ku- 
wait at receptions, dinner parties 
and at board meetings. In the year 
since the government ended its 
costly and ill-conceived price-sup- 
port program last April, share 
prices on the official exchanges 
have on average fallen by more 
than half, wiping out some 3.7 bil- 
lion dinars in assets. The freefall 
has been even worse on the over- 
the-counter market. 

Although perhaps overplayed by 
the media, the repercussions rip- 
pling through the Kuwaiti financial 
sector are of mounting concern, be 

it the falling value of bank collater- 
al against increasingly shaky loans, 
or the value or the assets turned 
over to Souk al-Manakh creditors 
that were based on valuations last 

But the crisis has led also to 
structural changes in Kuwait's 
stock market that is providing for a 
far more credible and realistic 
foundation once, as one Kuwaiti 
puts it, “the last debris of the spec- 
ulative fever of the past is cleared 
from the books.” It is on this the 
optimists — although few, admit- 
tedly — are pinning their hopes. 

First, a tally of the damage done. 
Despite the brief rallies in May and 
again in October, share prices on 
the official exchange fell last year 
by an average 43 percent, accord- 
ing to the Securities Group's All 
Shares Index, which sank to 38.7, 
from 103 at the end of 1983. Inves- 
tors have shied away from the mar- 
ket unless desperate for liquidity. 

Oil Quota 

Gas Drop 

Visitors in the gallery of Kuwait City Tower. 

Settlements Near for Market Claims 

KUWAIT — The Souk al- 
Manakh officially ceased to ex- 
ist last November when all curb 
share-trading was brought un- 
der the control of the official 
stock exchange. But the crash 
continues to haunt Kuwait 

The procedures needed to re- 
move its physical effects now 
have been completed, with the 
final resolution of the default- 
ers' debts. 

The total assets of those in 
receivership are put at 1 billion 
dinars and liabilities have been 
reduced to 73S million dinars 
(which suggests that assets still 
are overvalued). Of these, 471 
million dinars were Haims by 

The settlement agency has 
found cash backing for all but 
65 million dinars of outstand- 
ing claims. Repayments are be- 
ing phased and categorized. In 
addition to the 180 million di- 

nars the settlement holds in 
cash, Kuwait's three investment 
companies and four major real- 
estate companies are advancing 
220 million dinars to under- 
write real estate and the Kuwait 
Foreign Trading. Contracting 
and Investing Co. is providing 
60 million dinars to buy “offi- 
cial" shares. 

At the same time, the compa- 
ny has put up another 60 mil- 
lion dinars to purchase Gulf 
and Kuwait dosed company 
shares, estimated in the total 
assets at 220 milti nn dinar s but 
realistically at not more than 
what Kuwait Foreign Trading 
is prepared'to put for them. 
Finally, the banks have provid- 
ed a contingency fund of 150 
milKoa dinars to cover a por- 
tion of the 320 million dinar s 
owed by nondefaulters to the 


According to statistics from the 
Central Bank of Kuwait, trading 
volume on the official exchange fell 
84 percent, to a scant 8,387, in the 
fourth quarter, from 55,043 in the 
previous fourth quarter. Total trad- 
ing volume for the year was rally 
19,804 shares, barely a third of 
1983’s volume and but a fraction of 
198Z’s peak turnover of nearly a 
quarter minion shams 

In the over-the-counter market, 
where the Gulf-registered shares 
formerly traded on the Souk al- 
Manakh exchange now are listed, 
the decline was even more steep. 
According to the index tabulated 
by Amwal a financial consultancy 
and information service, prices feU 
an average 75 percent. 

One company, Kuwait Sanitary 
Wares, was liquidated in Novem- 
ber, reducing the number of listed 
shares on the official exchange to 
47, and of these, another IS have 
not been traded at all; and several 
analysts predict that depending on 
the effort to reschedule debts or 
induce shareholders to inject fresh 
capital, anywhere from two to six 
more companies will be liquidated 
before the end of the year. 

The damage to the balance 
sheets of the numerous investment 
companies is reflected in 1984, 
even among the best managed 
firms. The Securities Group, 

among the most professionally run 
institutions and a key market mak- 
er in domestic shares, turned in a 
loss of 15 million dinars in 1984 
and saw its shareholder equity writ- 
ten down by 28 percent to absorb 
the losses; the Arab Company for 
Trading Securities, another of the 
better managed firms, had its entire 
S million dinars wiped out and it is 
appealing to its institutional share- 
holders for a new injection of capi- 
tal. which is likely. 

The troubles incurred by Kuwait 
Financial Center and the Jawad 
and Haidar Y. Abdulhassan and 
Co. money changers can be directly 
traced to the writedown of their 
domestic share investments, which 
exceeded their total capital avail- 

The turn of the year did not 
bring any more good news. Prices, 
as measured by the All Share In- 
dex, fell at least another 20 percent 
in the first quarter, bringing the 
market capitalization down, to 
about 3 3 billion dinar s. 

Amwal. which tends to be among 
the more pessimistic forecasters, 
predicts that prices still have roam 
to fall but not much farther simply 
because holders will not bother to 
sell at all, regardless of how badly 
liquidity is needed once prices, 
reach a certain floor. 


Stock Overhangs , Tight Liquidity Curbing Prices 

KUWAIT — Business in Ku- 
wait's souk is flat. In the gold mar- 
ket. the most competitive prices in 
the world will be quoted for fine 
Italian work, and there are similar 
bargains to be found elsewhere. 
The competitiveness is, however, 

Traders still maintain an imperi- 
ous disregard for prices when it 
comes to bumble daily items like a 
dry batteiy, which can double in 
price from store to store Bui, in 
general, the large stock overhangs 
and the tight liquidity are making 
merchants realize that they can no 
longer dictate prices the way they 
used to do. 

It is a startling change from just a 
few years ago, when a Kuwaiti 
trader would have fell cheated with 
less than a 100-percent markup. 

Many in the merchant communi- 
ty are still recovering from the Souk 

al-Manakh crash and from being 

caught with high stocks when the 
boom in the Iran-Iraq re-export 

boom in the Iran-Iraq re-export 
trade went flat after the Gulf war 
started. This situation, coupled 
with the slowdown associated with 
the unwinding of the development 
boom, the oil glut and the continu- 
ing war, has provoked a state of 
deep trauma. 

The trade statistics, such as they 
are, tell the story. Because of prob- 
lems with computerization, no offi- 

for {^r&timates ford983 indl 
cate a 10-percent drop in imports, 
to 2.15 billion dinars ($7.1 billion). 

Non-oil exports, of which re-export 
accounted for 70 percent in 1982, 
dropped an estimated 25 percent in 
1983, to 377 million dinars. A large 
pan of the fall was dne to the 

drying up of the Iran-Iraq re-ex- 
port trade. 

Hie main victims of the drop 
have been sales of consumer dura- 
bles and electrical goods. Surpris- 
ingly, Japan's dominant position in 
this market has been unaffected by 
the slump. It is the only one of 
Kuwait's major trading partners to 
have maintained not only its mar- 
ket share but also its level of ex- 
ports in absolute terms. Japan's ex- 
ports, at around 570 million dinars, 
now represent more than 25 per- 
cent of Kuwait's import bill 
Japan’s outstanding success re- 
flects a growing selectivity and cost 
consciousness on the part of the 
Kuwaiti consumer. Kuwaitis are 
not only turning to medium-range 
Japanese cars in place of American 
gas guzzlers but are also opting for 
a Japanese model rather than an 
American one in the same range 
because of price. Japan is also max- 
ing inroads into another traditional 

American preserve: air condition- 

KUWAIT — Kuwait’s insuffi- 
cience in gas supplies seems unlike- 
ly to be resolved in die near future 
Officials are hesitating about alter- 
natives, while the petrochemicals 
industry is suffering the conse- 

Output of associated gas rose by 
about 25 percent, due to a compa- 
rable increase in oQ production 
during the second half of 1983 and 
the first half of 1984. At that point, 
oil production averaged 1,100 bar- 
rels a day, and measures taken to 
reduce flaring also helped raise as- 
sociated gas production. 

But with a reduced oil Quota of 
900,000 barrels a day since Iasi No- 
vember,. Kuwait’s natural-gas sup- 
plies have dropped to levels that 
are Alarming to the country’s pow- 
er-generation plants and petro- 
chemicals industry, which rely 
heavily on it as feedstock. 

After having experienced similar 
problems in the past, when the 
country’s oil production fell to al- 
most the same level three years ago, 
Kuwait's power-°eneration plants 
have adapted. These plants have 
been partly converted to operate 
with crude oQ and heavy Fuel raL 

Two recent discoveries made by 
Kuwait Oil Co., in Kuwait, and 
Kuwait Petroleum Corp.’s overseas 
subsidiary, Santa Fe Minerals, in 
China, seem unlikely to end the 

Kuwait Oil's discovery of the 
Magwa Field was the result of an 
extensive exploration drive to find 
nonassoriated gas. The oil output 
that it can produce when it comes 
onstream next year wifi be small it 
will begin production ai a modest 
rate of 50,000 barrels a day. Santa 
Fe's discovery of ofTshore nonasso- 
riated gas reserves in the China 
Sea, although considered commer- 
cial, will not fill the gap in Kuwait's 
domestic market, oil officials say. 

Kuwait Petroleum's deputy 
c hairman Abdul Razzak Mulla 
Hussein, said that the high cost of 
shipping the gas, which would have 
to be liquefied and would require 
special tankers and a separate port, 
would not make it economically 
viable to ship it to Kuwait “We 
would have preferred to find ral in 
China and gas here” he said 
.. Top officials at Kuwait Pelro- 

The United States lost second 
place to West Germany in the im- 
port league in 1981 and, according 

to recent figures published by the 
Organization for Economic Coop- 
eration and Development, it has 
now been overtaken by France, 
which benefited from a rapid build- 
up of arms sales last year. The 
United States cart still hold its own 
in certain technical areas like oil 
and gas equipment sales and ser- 
vices, and there is a solid demand 
for certain brand-name items as 
wefl as a thriving business in auto- 
mobile spares. But with the dollar 
approaching record levels, the out- 
look for most U.S. exporters looks 

Although the overwhelming bulk 
of Kuwait's imports are from the 
major non-Communist industrial 
countries, the Eastern bloc and 
China are making inroads. Hunga- 
ry and Bulgaria are an increasingly 
important source of foodstuffs. 

China, in particular, has been 
cultivating Kuwaiti links. A Chi- 
nese trade and economic delega- 
tion visited Kuwait in December to 
discuss, among other things, possi- 
ble joint ventures, and earlier this 
year, the Kuwaiti minister of oD 


*. - -A total experience in Luxury. 

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The project would require a col- 

and industry, Sheikh AH al-Khali- 
fah al-Sabah, visited Beijing to sign 
an agreement setting up a tripartite 
company with Tunisia to manufac- 
ture phosphates in China- China is 
also becoming a source of labor for 
the local construction industry. 

All the indications are that 1984 
was as bad as 1983, and 1985 looks 
like it wQl be a little better. The 
recession could last well into 1986, 

according to the head of the Cham- 
ber of Commerce and Industry’s 
research department, Abdel-Aziz 
Hosll In his view, a revolution is 
taking place in the way Kuwait, in 
line with the rest of the world, is 
doing trade. He predicts that Ku- 
wait’s trade will increasingly fallow 

There are already signs of this 
happening. Government depart- 
ments have been instructed to buv 
Mercedes-Benz can for top offi- 
cials. Since Kuwait has a 14-per- 
cent stake in Daimler-Benz, it is 
hardly a coincidence that the Mer- 
cedes has superseded the Cadillac 
as Kuwait's prestige car. 

The government has made vari- 
ous attempts to help the private 
sector. The subsidy on beef sold in 
local cooperatives was lifted, 
sparking a price war with the pri- 
vate sector. A free-trade zone, es- 
sential if Kuwait is to realize its 
potential as an eutrepdt, is bang 
set up. 


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lective GCC decision, as well as 
massive investments, which its 
members are not in a position to 
make at present. A more feasible 
and closer alternative would be the 
Southern Gas Field project to erect 
an offshore field in the neutral zone 
partitioned by Kuwait and Saudi 
Arabia. But disagreement between 
the two countries is hampering the 

The shortage has had a tangible 
impact on two costly ventures de- 
signed to operate with feedstock. 
These are the Shauiba LNG plant, 
which has one out of three trains 
operating below capacity. The oth- 
er is a $l-billion plant designed for 
export, but currently providing 
only the domestic market's needs. 

The company most affected by 
the cuts in gas production is Ku- 
wait Petroleum’s subsidiary. Petro- 
chemical Industries Co., which has 
incurred heavy losses lately. Al- 
though the drop in its sales revenue | 
last year was marginal, the compa- 
ny’s balance sheet shows that its 
net loss for last year was three rimes 
bigger than the previous year, and 
its total loss was four times as large. 
Its figure for last year was 9.6 mil- 
lion dinars (about $29.5 million). 
The balance sheet incorporates in- 
come from PICs foreign invest- 
ments or subsidiaries. Last year, 
r the company operated at 61 per- 
cent of its production capacity of 1 
million tons of ammonia and 
792.000 tons of urea annually, in- 
cluding the new ammonia plant, 
which was completed last year. Its 
salt and chlorine plants have been 
operating at half capacity. 

In spite of last year’s outcome, 
which was also aggravated by a 
downturn in world demand for fer- 
tilizers, PICs chairman and man- 
aging director, Abdul Baqi al- 
•Nouri. said he believed the gas 
shortage is temporary. Moreover, 
he said, commenting on the compa- 
ny’s losses and the weakening pet- 
rochemicals market, “had we gone 
ahead with the olefins and aronut- 


KEVIN MUEHRING is a London-based contributing editor to 
Institutional Investor magazine. 

Eastern affairs. She is based in 

covers Middle 

ALAN MACKEE and SARAH SEARIGHT are London-based 
journalists who specialize in Middle Eastern Affairs. ' - 

Soldiers and Kuwaitis gather at an armed forces display on National Day. 

tics plant, we would have been in 

However, PIC. seems to be ex- 
panding locally on its own as well 
as through Kuwait Petrochemical 
Products Co„ in which it has a 
stake. The two new projects for 
which letters of intent have been 
signed include a PIG plant produc- 

. Kuwait Petroleum's 24-percent 
participation in West Germany’s 
top-ranking petrochemicals pro- 
ducer, Hocchst, seems in retrospect 

to be the most rewarding foreign 
investment it has made solar in the 
field in terms of its technical and 
finanraa! returns. Hoechst has been 
improving its performance and ex- 
panding its worldwide operations 
lately, and PIC is hoping that it will 
help it diversify. 

ing 60,000 metric tons of polypro- 
pylene annuall y, and a KPPC plant 

pylene annually, and a KPPC plant 
producing 32,000 metric tons of 
polystyrene annually. The two 
plants, which will be built at the 
Shuaiba industrial zone, will cost 
$88 million and S30 million respec- 
tively, and they are expected to 
come onstream in two and a half 

Mr. al-Noori said PIC, which is 
represented on Hoechst’s board, 
planned to draw on the interna- 
tional firm’s technical and market- 
ing experience for branching into 
pharmaceuticals. He also said that 


Rising Star in World Oil Lineup 

Jeum are hesitant about importing 
liquefied natural gas. They also 
-seem to have dropped plans for a 
pipeline to extend from the United 
Arab Emirates to avoid shipping 
hazards in the Gulf because of the 

hazards in the Gulf because of the 
war between Iran and Iraq. They 
seem to have totally discarded 
ideas floated in the past about im- 
porting LNG from Algeria. 

But they say that the long-term 
alternative of a network extending 
from Qatar’s rich North Field to 
cover all countries that are mem- 
bers of the Gulf Cooperation 
Council especially Kuwait and 
Saudi Arabia, has not been discard- 

KUWAIT — Kuwait Petroleum 
Corp. has gone through a year of 
consolidation, with its downstream 
expansion slowing as its upstream 
activities picked up. Its overall 
growth over the last five years, 
however, justifies Kuwaiti aspira- 
tions for this newcomer to become 
the eighth of the world's majors, 
known as the Seven Sisters. 

With total assets of 4.912 billion 
dinars (Si 5.1 billion), the gap be- 
tween Kuwait Petroleum and Ex- 
xon remains wide. Exxon is the 
largest of the majors, with assets of 
$623 billion. But in proven oil re- 
serves, one measure of a multina- 
tional’s strength, KPC is first Its 
proven reserves have risen to more 
than 90 billion bands, and some 
experts say may even be 100 billion 

Kuwait Petroleum’s technical 
expertise and impress ve marketing 
capabilities also assure it a place at 
the top in a market that has wit- 
nessed a number of mergers and 
financial restructurings in major 

Although Kuwait Petroleum’s 
acquisition of Santa Fe Interna- 
tional Corp. gives it an edge in 

duction in Kuwait; Kuwait Na- 
tional Petroleum Co„ and Kuwait 
Petrochemical Industries Co.. The 
petrochemical subsidiary was the 
first locally incorporated unit to 
branch out, for ming joint ventures 
and acquiring companies outside 

Kuwait Petroleum's other locally 
registered subsidiary that promises 
to enhanc e its international role is 
■ Kuwait Foreign Petroleum Explo- 
ration Co. Its most important sub- 
sidiaries outride Kuwait include, 
apart from Santa Fe, Kuwait Petro- 
leum. International which is a 
wholly owned subsidiary entrusted 
with integrating downstream Euro- 
pean acquisitions into the KPC sys- 
tem and streamlining those Activi- 
ties in line with Kuwait 
Petroleum's policies., : 

The company forecast that its 
consolidation efforts over the last 
18 months would produce results 
during the 1984-85 fiscal year end- 
ing June 30. It budgeted an estimat- 
ed $1 1.8 million in total revenues. 

Company officials say they hope 
total profit wtQ almost double, 
from $1.9 billion last year to $33 
billion this fiscal year. 

In the 1983-84 fiscal year, total 
profit amounted to 345 milli on di- 
nars. Net profit for the same period 
was 280 million dinars. 

All KPC reports, including the 
annual report, omit profit and loss 
accounts for its subsidiaries, and 
the only figures available are con- 
solidated for the corporation as a 
whole. Thus, an assessment of its 

technological development, its 
main challenge is to create its own 

main challenge 15 to create its own 
viable base for improvement in the 

Created in 1980, the company 
was founded on a number of na- 
tionalized companies that now r re- 
present its local subsidiaries. These 
are Kuwait Oil Co., which is re- 
sponsible for exploration and pro- 

financial performance is difficult. 

But it is clear that the contribu- 
tion of the subsidiaries incorporat- 
ed outride Kuwait to the compa- 
ny’s to Lit revalues is modest, at 
about 18 percent of the tolaL The 
reports also show that KPC contin- 
ues to rely heavily on sales of crude 
and refined products, representing 
41 percent and 33 percent of total 
revenues respectively. 

The year-end results also show 
that petrochemical sales amounted 
to less than 1 percent of. total reve- 
nues. Income from shipping sub- 
sidiaries, grouped with other mar- 
ginal operations, was 8 millio n 
dinars, which is a fraction of 1 
percent of total revenue. - 

KJPCs chairman, who is also 
minister erf petroleum? and indus- 
try, SheOch Alf Khalifa al-Sabah, is 
the architect of the company’s 
growth. He correctly predicted 
shortly after the company's incor- 
poration that it would be selling 60 
percent of its total exports as prod- 
ucts in 1985. 

The Gulf war has had a tangible 
impact on KPC exports, which 
dropped at the height of the tanker 
war during May and June last year. 

prompting a collective derision by 
the Gulfs exporters to replace 

the Gulfs exporters to replace 
shipments hit fay Iran or Iraq. It has 
also led Kuwait to take the added 
burden of chartering from 15 to 20 
vessels monthly to deliver ship- 
ments to clients outside the Gulfs 
troubled waters at the United Arab 
Emirates port of Khor Fakkan. 





PIC would be seeking its help in its 
new polystyrene venture ana could 
also draw on its expertise in the 
area of pesticides. 

Capital and Money market operations. 
Portfolio Management. 

Management of and participation in local 
and international loan syndications. 
Advisory and Research Services. 

Real Estate Investment. 

Bullion dealing 

..... and many more 

. Rdf 1 J j. j jLpwiVJ * 1 — I 


lo:n: Lv:;:;.: ; 3 K. Towt-r 7th 

at?" l; 

, u 


* F >v 

5 * , 

PICs foreign assets in Bahrain, 

Turkey and Tunisia, valued at dose 
to $100 million have yielded a mod- 
est revenue of less than SI million 
last year, according to PICs finan- 
cial statement. Out of seven petro- 
chemical and fertilizer plants, in 
which the company has a direct 
participation, only one, Turkey’s 
Mediterranean Fertilizer Indus- 
tries, seems 10 have produced a 
dividend last year. 

T f V, 


■a* Hamburg 





Page 13 

ay on National Day 

PIC would be iceHn* 

new polystyrene 

also draw on in S, ** 

area of pesticides. P<TUse 


to S 100 million havt ySS 1 ^ 
ft revenue oflcSSSf^: 
l^t year. acccrdmgS'? 

statement. Ou!r,f 
cbetmcal and fenSa?** 
which the companv haT*- 
participation, oVon?^ 
Mediterranean Fcr^ 
tnes seems i c have 
dividend lasL year. Pn * ac: - 

— qlfattohajf 

financial performance is Air,. 

. Bul it is clear that thcci 
non of the subsidiaries mc^/ 
ed ouiside Kuwait to the a* 
nys total revenues u mo^ 
about 18 percent of the i**;' 
reports also show that KKj- 
ues to rely heavilv on 
and refined products, repnsj- 
41 percent and 33 percent ; j ; - 
re\enue$ respectively 

The year-end results auo ^ 
that petrochemical sales amm 
to less than 1 percent or total? 
nues. Income from jhippra, 
sdiaries. grouped with oihet 
ginal operations, was 8 nt 
dinars, which is a [nmol' 
percent of total revenue. 

KPCs chairman, who n 
minister of petroleum -aedi: 
try, Sheikh Ali Khalifa al-Sdt* - - 
the architect of the coup, 
growth. He correcily preth 
shortly after the compam'ic 
poration ihai it would be xfe 
percent of its total exports 
ucts in 19S5. 

The Gulf war has had he 
impact on KPC exports, c 
dropped ar the beigbi of sic in 
war during Max and June la£ - 
promplb-I a collective duse 
the Gulfs exporters v> it 
shipments nu bx Iran or bit ^ 
also led Ku wait to tale dec 
burden of chanenaa fit® l* 
vessels monthly to denw;' 
meats to diems outadeiofw 
troubled waters at ihel'pi^- 

Pan Am.The Experience 
Keeps On Growing. 

Vienna - New York 

New 747 service 

Hamburg - New York 

New daily nonstop 747 

London - Detroit 

New nonstop 747 service 

Amsterdam - U. S. A. 

New daily service via London 

Frankfurt — California 

New daily 747 nonstop to Los Angeles and on to San Francisco 

Nice -New York 

New daily nonstop 747 

Athens - Los Angeles 

New daily service 

Belgrade - New York 

New service via Frankfurt 

Warsaw - New York 

New exclusive daily service 

In 1985 Pan Am's service will keep on growing. 

That means more nonstop flights from cities we 
already serve, plus new flights to even more cities 
throughout Europe. 

So whether you're flying within Europe or to 
America, Pan Am is now an even better choice. 

But there's more good news. 

In Europe we'll be using our new Airbuses, so 
you can travel in wide-bodied comfort. Across the 

Atlantic you'll be able to experience our new 
refurbished 747s with more space for business. 

If you're flying to New York you'll find Pan Am 
the only airline with all its flights, both international 
and internal, under one roof, and Pan Am serve over 
40 U.S. cities. 

Pan Am is a whole lot bigger in 1985, which 
makes it a better travelling experience for you. 

Call your Travel Agent or Pan Am for details. 

Pan Am Abu Can't Beat The Experience: 

! , * a 3gSg8SSi s: isS ,R *g 5a g , *SgS ,s g ,!, i a8 f2S!f a gs 5 ^iBSg 5 S!3 a a»g“S' i SggSigS^SiSg B iSgi: 

Page 14 


Dow Jones Averages 

NYSE index 

Previous Todor 

open High LOW Close 3 PAL 
Indus 1 UB .11 1 RU 1 125 AM 1249 JS 10109 
Trans 5 W .76 msi 59153 59851 59 X 45 

ISADS 157,01 15551 15598 15551 
516.15 519.49 51100 515.77 514.93 


Previous AMEX Diaries 




Padl nad . 

Total I ewes 
New Utah* 
New Low* 
Volume up 
volume down 

301 3 M 

309 227 

(U . 779 

’2 ”7 





U unties 



Maaa Ago AOO 
283.13 27 A 53 34559 

_ W 3 9 25547 

— 26694 31077 

_ 25514 204 B 5 

— 25494 21956 

Previous NYSE Diaries 

Odd-Lot Trading in N.Y. ' 

Dec! trad 
Total Issues 
New Highs 

795 872 

738 443 

510 479 

2043 1994 

>9 89 

13 a 

4 A 7 BA 730 

3 A 32 A 290 

buy Sales *shTt 

2BW=asas s 
sssw sm m 

April 10 229 X 147 475496 1171 

-Included In Hie sales figures 

Ptt 0 . 3 PM.voL 

Prov consolidated dose 

779 SMM 

U 5 . 12 U 2 S 

standard & Poor's index 

Tables include the nationwide prices 
up to the closing on Wall Street and 
do not reflect late trades elsewhere. 

Via The Associated Press 

Preview Todar 

High Low dose 2 PJVL 
Industrials 20131 20043 2 B 196 20 I.M 

Tronic. 15138 151 Jl 15 U 5 1 S 2 J 0 

utHmS mx stm B 1 J 6 BIAS 

Finance TLDO 2580 2092 2092 

Csmmslte 18198 180.17 181 JO 191-23 

AMEX Stock index 

a,-* >" 


3 PM. volume 
Prov. 3 P Jtt. volume 
Prev. cans, volume 

Previous Today 

Low Close 2 PJKL 

23052 33053 231.11 

190 5J 
2JS 102 
257 39 
IX 15 
M 35 
44 2 A 
2.90 54 
280 119 
100 A 5 
1175 128 
220 118 
25 leB 8 


48 13 716 
35 10 864 
78 B 661 
8 19 m 

New York Stocks Turn Mixed 

12 Monte 
High Lop Stock 

9 s. 

1 B 0 J High Lon 

12 Marti 
HWlLow Stack 

3 PAL 

3 to East Air 
6 * EsAirpf 
PS EAlrpfB 
9* EAirpfC 

31 VS EastGF 150 57 31 
IWi EastUti Z 04 114 7 
60% EsKod 120 a 48 12 
TPS Eaton 15 U 1 
20 to EchKn 88 34 12 
26% ECXert 184 38 11 
311 % BtflsBr 180 45 ID 
13 EDO 5 * 15 12 
19 Edward 80 25 21 
1 P 1 A EPSdDf 235 102 
25 V» EPGpf 375 125 
239 * EPGPT 
9% EITarn 16 

Bto Elan 56 35 
VS. EMcAs 

4 * EMM 71 

7 * EMMpf 180 95 __ 
15 EICtsPB 86 5 77 

11W Elgin 80 58 18 
5 M EJscJnt 

SB VS Emm El 260 38 14 
5 * Em Rod J 4 t 67 17 
1 W EmryA 50 25.10 
34 to Emhert ixb *S 9 
15 EmpDs 196 88 7 
4 Emppf 50 105 

Compiled by Our Staff From Dispatches 

NEW YORK — The stock market turned 
mixed Wednesday, r unnin g into some selling 
after the rally of the past six sessions. 

The Dow Jones average of 30 industrials, op 
1 6.57 points in the last six trading days, was 
down 0.56 to 1 , 268.99 with two hours to go. 

Gainers held a 4-3 lead over losers among 
New York Stock' Exchange-listed issues. Vol- 
ume came to 68.49 million shams with two 
hours to go. 

The market has been moving ahead slowly 
but persistently in recent days, aided by falling 

To Our Readers 

& Month 

SB. 3 P/ 4 . 


39 28 

23 * 19 V* 
26 * 13 
30 22 * 

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40 * 23 * 
40 * 25 * 
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3.12 85 8 28 

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SS LI 2 

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280 83 11 2114 
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38 * 37 * 
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33 * 33 * 
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26 * 17 Cantaxn 10 

23 * 17 CarrSoW 282 85 7 

26 * 16 * Con Hud 284 10.9 6 

25 * 20 * CHudpf 2890118 
24 * 18 * CsnIILI 252 98 6 

43 36 CnlLtpf 450 109 

1916 1416 CnllPS 180 03 7 

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11 * . 7 * CeMPw 1^0 1*2 S 

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413 23 * »* 23 * 

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251 9 to 9 * «to 

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tapfc 184 38 11 40 34 * 35 * Uto + * 

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55 * IS* Ova. 

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43 23 to ChmNY Z 80 6.1 6 
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24 * 1416 arcus 

34 145*145 145 —I 

3 74 * 7416 74 * + * 
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19 79 44 to 45 * 45 * 

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84 145 395 JZ 52 * S 3 to 52 * 

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54 13 14 93 32 to 33 * 32 A + * 

88 5 15 398 26 * 25 * 26 + * 

14 100 24 23 * 33 *—* 

47 * 27 * atterp 256 59 7 4998 46 * 45 45 * + * 

99 * 7 Sto CITc»pfA 934 al 05 160 « 95 * 5+1 

44 to 32 * Cltvlnv 9 961 39 * 30 * JO* + * 

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22 * 17 aval 190 55 8 83 19 18 * 19 

21 * m ClevEI 252 125 6 2362 2 D* 20 * 2016 

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17 to 15 * CMPkpf 353 135 4 17 16 * 1 C* + to 

20 14 * Cjvpfcpf 194 118 244 16 * 16 16 

Uto 72 V 6 Clorax 150 38 11 5 B 3 35 V| 34 * 35 

21 * 14 * CHBMn , 18 . 8 10 47 301 

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23 * 14 V, CofAlk s 84 U 7 173 21 * 20 * 2116 + to 
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6316 30 to Coltlnd 280 48 9 S 9 57 * 56 * 57 * + * 

M* 26 * Col GOB 3.18 115 B 1885 39 

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91 5116 5116 5116 + to 

w 4 » 48 48 * + to 

SCO OS MS MS +116 

184 58 11 434 32 * 
90 1 J 12 319 16 

50 x 104 * 104 * 104 * 

94 44 * 84 M 4416 + to 

33 * 32 * + Ik 

15 * 15 * + V 6 

The market's quiet start indicates it is just 
larking time, said Alfred Harris, of Josepbthal 

Although prices in tables on these pages are 

from 3 P.M. in New York, for time reasons, this 
article is based on the market at 2 P.M. 

interest rates. Nonetheless, analysts say inves- 
tors remain in a cautious mood about the eco- 
nomic outlook. 

The Commerce Department reported that 
personal income rose 0-5 percent, while con- 
sumption spending dropped 0.5 percent. Those 
figures were taken as more evidence that the 
economy is growing more slowly now than it 
did in the early stages of the expansion dating 
back to late 1932 . 

“It’s a real mixed market,” said Jon Grove- 
man. of Ladenbuig, Tbalmann & Co. The mar- 
ket is trying to respond to the rally in the bond 
market, he said. But the only way stocks could 
have a sustainable rally would be a drop in 
interest rates, which he doesn’t see happening. 

The market could trade up another 20 points 
or so before the next round of selling, he said. 

& Co, St. Louis. 

“The economic news is somewhat of a mixed 
bag: there is no general trend," be said. “I think 
there'll be pressure to bring interest rates 

At midday. Unocal was the most active 
NYSE-listed issue, off 114 to 461 %. It began an 
offer to exchange up to 49 percent of its com- 
mon for a package of secured debt The $ 6 . 2 - 
billion transaction is designed to derail a hostile 
takeover bid from T. Boone Pickens, chairman 
of Mesa Petroleum. Mesa, also active, was off 1 
to 17 %. 

Phillips Petroleum was second, up K to 40 %. 
Niagara Mohawk Power Corn, was third, up } A 
to 18 j / 4 . A block of 750,000 shares was traded. 

RCA climbed 14 to 42 % in active trading. A 
Wall Street Journal article discussed the compa- 
ny as a possible takeover candidate. 

Limited Inc. fell 1 % to 37 . The company 
reported inventory problems at its recently ac- 
quired Lemer Stores subsidiary, and said $100 
million in Lerner orders from 100 suppliers had 
been canceled. 

Texaco, also active, was up a fraction. 

CBS Inc. was off 6 % to 109 V;. Rumors have 
circulated that Ted Turner, the cable-television 
owner, may make a play for the network this 
week. But a major broker had doubts, and put 
the stock on the sell list. 

Capital Cities Communications was up 2 % to 
209 V*. 

Uniroyal was lower. UPQ 

4 Emppf JO 109 

22 * EngtCo 92 28 17 
78 * EnfsSu il 14 11 
17 * Cna rch 180 59 17 
91 * Enscfi pfll J 8 BI 18 
1 * Ensre* 25 

9 * Enisra 

U* EirtxEn 187*118 
16 Entrain 190 72 8 
1516 Equfxs 15 

3 Eoufn* 

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28 to EcrtRts 133 U 7 
916 Eouficn .12 S 9 
8 * Erbmnt JO JJ 15 
12 * EasSan 84 12 12 
16 * Essex C 80 b 16 12 
15 * Estrtra 92 38 9 

10 EttWlS 86 19 11 
J* v| Even P 
3 * vl Evan pf 
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13 * Ex cater lAjallJ 
38 Exxon 140 68 8 

Bto 79 k 
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2216 21 * 
22 * 22 * 
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27 * 27 
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84 U 12 
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Because of the seven-hour time difference 
between New York and Paris until April 27 , the 
New York and American Stock Exchange ta- 
bles in this edition contain information from 3 
P-M. New York time. Over-the-counter stock 
prices are from 2 PJ*L New York time. Canadi- 
an stock prices, U.S. futures prices and some 

other items are from the previous day’s trading. 

We regret the inconvemcnce, which is neces- 
sary to meet distribution requirements. AH edi- 
tions will a gain carry dosing prices and indexes 
after April 27 , when Daylight Savings Time 
begins in the United States. 

6(6 FH Intf 3 

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Protect Yofcr Short-Tferm 
GaiDs^ WithlheLang-Tferm 
Security Of Gold. 

The spectacular rise of the dollar and 
of many paper investments has brought 
suhafamriiil profits. Thewisest investors 
now convert part of their gains into 


Krugerrands are legal tender bullion 
coins. The most widely circulated - and 
widely recognized - gold coins in the world. 
And because they contain 1 oz, 1/2 oz. 

1/4 oz and 1/10 oz of pure gold - with just 
a teiurJi of hardening ahov- you can be 

a touch of hardening alloy - you can be 
certain that in the long rim, they wiB 
secure the value of your investment profits. 

Ask your bank or broker today or 
write for your free copy of the “European 
Guide to Gold and Krugerrands” to : 
International Gold Corporation 
Coin Division - 1. rue de la Rotisserie - 
CH- 1204 Geneva -Switzerland- 




z Moneyyou can trust. 

Please note that tmematknud Gold Corporation 
does not provide a buying or selling service. 

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Report, Page 14r 


Page 15 . 


High-Tech Turnaround 
Or More Detours Ahead? 


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immutianat Herald Tnl am 

ONTE CARLO — Despite its high-stakes casinos and 
grand prix auto racing, a musty, slightly p ass& aura 
pervades this Mediterranean principality. 

Technology stocks, too. are not what they used to be, with 
gamblers taking heavy losses since the market in them on Wall 
Street downshifted sharply nearly two years ago. Whether high- 
tech issues will resume speed anytime soon ana pay off investors 
so handsomely again is tbc question facing European portfolio 
managers attending the fifth annual American Electronics Asso- 
ciation conference here this week.’ 

“It may well be that the computer business has seen its peak,” 
wanted David C. Yoder, chairman and president of Computer 
Products, one of 88 U.S. com- 
panics making presentations 
to solicit European invest- 
ment. “We see softness there 
and also in the telecommuni- 
cations industry." 

While his company has 
achieved a 45-percent growth 
rate compounded annually 
, over the past 10 years and Mr. — - — - - 

Yoder expects that 1985 will be another “good one," nothing 
could testify better that high tech has problems ihan IBM’s recent 
announcement that its first-quarter earnings were down 18 per- 
cent- So could the fact that Computervision and Xebec, two 
former-fast trackers, dropped out of this conference at the last 

“Although most are still private, I'm disappointed that teeb- 
nology-of- the- future companies such as those in artificial intelli- 
gence and gallium arsenide,” which is a potential usurper of 
silicon, ore not represented, said Catherine Martineau, who 
manages the technology fund at Basque Nationale de Paris. 

Electronics does cover a lot of territory, as David A. Bosscn. 
president of Measurex, pointed out in his opening address. With 
two and a half million people employed, he noted that electronics 
now is the single largest employer in the United States. 

“BuLihere are severe problems in the industry," he added, 
complaining of the high dollar and Japanese import restriction 
that he blamed for U.S. electronics suffering a trade deficit in 
1984, the industry’s first ever. 

HILE IBM is far from alone in reporting top first- 

- : i _ ' ■ . i .. . 

There’s tremendous, 
perhaps unlimited, 
potential. Information 
is addictive. 

quarter earnings, not all high-tech companies are hurting, 
apuier Task Group, a software development com- 



V ▼ At Computer _ 

pony, profit for (he first quarter of this year soared 1 lb percent. 

David M. Campbell, chairman, when asked if software and 
other elements of high technology are really leveling off, replied: 
“To think so you have to believe people and companies now have 
all the information, quick and reliably, as they want. Of course 
they dpn’L There's tremendous, perhaps unlimited, potential. 
Information is addictive.” 

SCI Systems, the principal supplier of the electronics for 
several of IBM's small computers, expects that business there was 
down 35 to 40 percent in the first quarter. Yet Olin B. King, 
chairman, t hinks his company will still be able to show “fiat” 
earnings for the three months, and by the third quarter he 
predicted SCI would resume the 35-percent annual growth rate it 
has reported for the past decade. 

Mr. King said he first saw the downturn ahead for technology 
companies early last autumn. “The recession hit in January and is 

, , bottoming out now ” he added. “I feel good about things ahead 

£& i 3 1- ” i? 85 R l for the industry.” 

£L* . iS ~ .1® 5L* * Irwin Fedennan, president of Monolithic Memories, a maker 

of high-speed semiconductor, asserted that “technology's day is 
just dawning.” 

Asked why the stocks are suffering, he said: “There’s the real 
world and the world of investment — which is just a perception of 
{Continued oo Page 17, CoL 5) 

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Currency Rates 


IMF Faces 
Fight on 
U.S. Plan 

Role Is Sought 
By Third World 

By Clyde H. Farnsworth 

Sew York Times Service 

WASHINGTON — Developing 
countries have taken issue with a 
U.S. proposal to set up a steering 
group or industrial countries to 
control monetary revision discus- 
sions, saying they wanted to be 
“full participants^ in the process. 

The Group of 24, a body repre- 
senting most Third World coun- 
tries, caucused Tuesday to review 
the world economic situation on 
the eve of meetings here of the 148 
member countries, both developing 
and developed, of the International 
Monetary Fund and the World 

Developing countries were react- 
ing to a proposal made Friday in 
Paris by the U.S. secretary of the 
Treasury, James A. Baker 3d, for a 
“high-level meeting of the major 
industrial countries"’ next winter to 
improve the monetary system. The 
United Stales wants the conference 
agenda to reflect recommendations 
expected in June from the Group of 
10. representing the biggest indus- 
trial nations. 

Juan V, Sourrouilie, Argentina's 
minister of economy, who was 
chairman of the developing coun- 
tries' meeting, told a news confer- 
ence that a paragraph in the com- 
munique issued Tuesday night by 
the Group of 24 was meant to 
“convey our concern” about the 
Baker proposal. 

In addition to calling for full 
participation by developing coun- 
tries. the paragraph said the agenda 
of any new monetary conference 
“should be broad enough to cover 
all aspects of the international 
monetary system.” It was a refer- 
ence to demand s by Third World 
countries for more credits from in- 
dustrial countries. 

The United Stales and other 
leading industrial countries, such 
as West Germany and Japan, were 
expected to resist any measures 
that would mean a greater burden 
on their taxpayers. 

Reaffirming the U.S position 
taken in Paris, David C. Mulford, 
assistant secretary of the Treasury 
for international economic affairs, 
told reporters, “It looks as if the 
Group of 10 study will conclude 
that no major reform of the mone- 
tary system is necessary ” 

The developing countries said 
their most serious concern was over 
possible protectionist or discrimi- 
natory measures by industrial 
countries against developing coun- 
tries, such as further dampdowns 
in the United States and Europe on 
imports of Third World textiles. 

lJC «4 12 « 1 

21. J N 

:» 24a 
nc ',JS H4 
luE 33' ■> 

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j pi 143 ^3 

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2.69a £4 10 

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i: Ml 13-t ? 
C| X, - 

4j ;i . j:> .*• 

, i4» ■« ♦>- 

■» *'■ 

45 S'*: B * 

Lot* interbank rates on April 17, ecdudng fees. 

Official firings for Amsterdam, Brosseb, Frankfurt, Mb n. Peris. Now York rates at 
2 P.M. 

rts 42 
lO 1-W 

1 1JC e4 '5 •« ^ 

- i Sef;‘i 


-’ t ,i " Sr- 

J 6 


























14*5 X 


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0.130* * 


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&7«M 05771 

MW9 071 


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04466 taitraflal 
0047 Austrian kMIUhs 
00163 BtJflhn flu. franc 
07275 OmaOlaal 
OOTIf DaabhkroM 
01576 Fiwdsti nartti 
00076 QrMktfnKlUH 
onu hmoKomts 











Z2)H 6031 101.96 
3-021*7 90061 1,9330 

Dollar Values 



105 I Hike 
OMU IvMrilfMal 
3056 KmwWalw 
04JW Malar, rtnoea 
0110 Nvw.krgea 
00059 Psrtucad* 

0277 tadlrtnl 


6L961 ■ 
31 JO 

24335 65.1367 
14199 609099 

1*. r« 

13SJ4 -13U7 r 
34447 26457* 
120.15 -1J125* 
3033 31075 
76772 77S7 
206 249 JO 
146517023 * 

— unto* 

U6S7 184432 
24154 24009 

Per l 
UJU lalv. 

09162 04537 Saamns 220* 
91000 05275 OAMOHroMl U9S7 

03007 00013 V Karma wm 16015 

24425 00059 S*at.p*M» 14*75 

0753 01U SMOKTOM U325 

11364 IBB TMmmS 3943 
16940 00311 TMtatt 27.195 

161 02723 UAJLAMom 1472* 


la) Comm*rrtol front ID) Amounts nt«aad to bin one pound (cl AmaunbMcOad to buvanaiWlar f» 
Unit* ol 100 («> Units al 1JM0 t/l Unlls o< 10000 
n.Q.: notouotod; NA: naiavattoeu. 

Sovran: Banov* ou Berwux fEnaiOi; Banco Co mm ercial* Itmusoo (Milan) ; Chamlcal 
Boon (alow York); Banov* NaOooale a* Marla (Paris); IMF (SDK); Banov* Arab* * t 
In t ernat io na l e <rtnvesnssom*nt tumor, rtyos. airbam). Other data from Reuters endAP. 



Eurocurrency Deposits 

April 17 

I/.S. Income Up; 
Spending & Off 

The Assonaied Press 

cans' personal income rose 0.5 
percent last month, up from a 
0.4-percent gain in February, 
but consumption spending, one 
of the driving forces behind the 
economic recovery, dropped a 
sharp 0.5 percent, the govern- 
ment reported Wednesday. 

It was the biggest drop in 
consumption spending, which 
indudes virtually all expendi- 
tures except interest payments 
on debt, in more than a year 
and the first setback since a 02- 
percent drop last October. 

The report is certain to raise 
further concerns about the du- 
rability of the recovery. The 
government initially estimated 
the economy grew at a rale of 
2.1 percent in the first three 
months of the year, but that 
number will be revised Thurs- 
day and many expect it could 
go even lower. 

Wal-Mart Chiefs Uphill Campaign 
To Reduce American Trade Deficit 

By Peter T. Kilbom 

New York Times Seme* 

WASHINGTON — Sam M. Walton, an Arkan- 
sas retail executive, is upset about the flood of 
imports into the United States and he is aiming to 
do something about iL 

As chairman of Wal-Mart Stores, a 753-unit 
discount chain that operates largely in rural com- 
munities, Mr. Walton — estimated by Forbes 
magazine to be worth more than 52 billion — sees 
his small-town customers losing their join as fac- 
tories dose because of imports. 

In February, he wrote to 3,000 U.S. manufactur- 
ers and wholesalers telling them that the chain 
wanted to buy more American goods. “Our contin- 
ued success depends on our mutual reaction to a 
very serious problem with regard to our balance- 
of- trade deficit,” he said in the letter. Wal-Mart 
reports that it has written new orders with four 
suppliers as a result of tire appeal. 

“What Wal-Mart is doing follows in the foot- 
steps of Henry Ford,” said A Gary Shilling, an 
economic consultant in New York. “Ford said that 
if you don’t pay your workers enough, they are not 
going to be able to buy Fords. Wal-Mart is saying 
that if you don’t buy the workera’ goods, they’re 
not going to be able to buy your goods. It’s au in 
WaJ-Mart’s enlightened self-interest.” 

These approaches, sometimes termed “Buy 
American” campaigns, fly in the face of conven- 
tional economics. American consumers tend to be 
price-wary shoppers, and so if imports are cheaper, 
they go to the stores that sdl them. 

Wal-Mart is swimming against an awesome tide 
Although its sales last year, mostly of American- 
made goods, were 56.4 billion, the figure rales 
alongside the ever-rising U.S. trade deficits. Thus, 
Wal-Mart by itself is unlDcely to make much of a 
dent. Indeed, the only beneficiaries of Wal-Man’s 
policy may be its competitors. 

“If you can buy domestically, we would much 
rather do that, but we're looking for the best value 
for the customer," said A. Robert Stevenson, vice 
president for corporate and public relations at K 
man Coip., the second largest U.S. retailer after 
Sears, Roebuck & Co. 

“We're for free trade,” said Robert Ulrich, presi- 
dent of the Target Stores discount chain, a division 
of Dayton-Hudson Coip. “We’re the customer’s 

Th. N_ Tort Tom, 

Sam M Walton, Wal-Mart chairman. 

representative, and we uy to get the best deal for 
that customer.” 

But Wall Street analysis who monitor Wal-Mart 
are impressed by Mr. Walton's campaign. 

“He has a leadership role in American retail- 
ing.” said Walter Loeb, a retad-mdustiy analyst at 
Morgan Stanley & Co. “He’s somebody coming 
out and saying. ’Hey, we don't have to buy every- 
thing from the Far East.’ I think this is the I 
ning of a major drive of American retailers tol 
American products “ 

Mr. Walton did nor say that Wal-Mart would 
pay more for U-S.-made products or undermine 
the company’s competitive advantages as a dis- 
count store. But Wal-Mart executives say they will 
sometimes pay a little more for American goods 
and then shave their markups. 

“But that’s not the point,” said David Glass, 
president of Wal-Mart The point, Mr. Glass said, 
is to look differently al the costs of buying imports 
and to modify the company’s ways of doing busi- 
ness with domestic suppliers to help them keep 
their costs down. 

On April 2, Wal-Mart signed its biggest order 
(Continued ou Page 17, CoL 3) 

AT&T Profit Up 
55% in Quarter; 
Rate Cut Sought 

SEC Approves OTC Option Trading 

By Nancy L Ross 

W'ashmgutt Post Service 

WASHINGTON — The Securi- 
ties and Exchange Commission has 
approved trading of over-the- 
counter options by stock exchanges 
and over-the-counter markets, a 
move that brings a nationally-inte- 
grated market a step closer. 

The SEC ruling Tuesday broke 
precedent by conditionally approv- 
ing a one-year pilot program that 
would allow both markets to simul- 
taneously trade options on six of 
the most active OTC slocks. Until 
now, the SEC has prohibited the 
same company from making a mar- 
ket in both a common stock and the 
option to purchase that stock, out 
of fear of market manipulation. 

The stocks included in the pDot 
program are the most actively trad- 

ed in dollar volume on the National 
Association of Securities Dealers 
Automated Quotations system. 
They are Apple Computer, Intel, 
Tandem Computer and Digital 
Switch. Two others, MCI and Con- 
vergent Technologies, will be eligi- 
ble if the price of the shares rises to 
the S10 minimum set by the SEC 
for participation in the program. 
The SEC is prepared to change that 

A staff aide said the pilot would 
put on the market “the best new 
option stocks in a long time:” 

Trading in OTC options could 
begin by Oct. 1 as the result of the 
decision. In May or June the com- 
mission is scheduled to decide 
whether the stock exchanges also 
can trade the underlying stocks, 
which are now handled only in the 
over-the-counter market 

In a separate vote, the SEC 
agreed to allow immediate trading 
of options on up to 100 top Nasdaq 
stocks by both the exchanges and 
over-the-counter markets. The 
same option could be traded in 
many markets unlike current prac- 
tice, which permits only one market 
to handle each option." But no side- 
by-side trading of opticas and un- 
derlying stocks by the same firms 
would be allowed. 

The SEC also voted to allow op- 
tions trading based on the move- 
ments of an index of the top 100 
Nasdaq stocks and a similar option 
index tor the Philadelphia Stock 
Exchange. Trading can start as 
soon as the markets are ready. 

In other action, the SEC voted to 
ask for comments oo what, if any- 
thing. should be done about the 
government securities market 

77if Associated Press 

PITTSBURGH — American 
Telephone & Telegraph Co. said 
Wednesday that first-quarter earn- 
ings rose 55.9 percent from a year 
earlier and that it had proposed 
rate cuts of more than $1 billion a 
year for domestic and international 
long-distance services. 

AT&T said profit rose to S354 
million, or 32 cents a shore, from 
5227 million, or 20 cents a share, in 
the first quarter of 1984. There 
were 1.044 billion average shares 
outstanding in the first quarter of 
this year against 983 million a year 

Revenue rose 2 percent, to S8.30 
btflion. from S8.14 billion. 

The first quarter of 1984 was 
AT&T’s first quarter after the 
breakup of the Bell System, in 
which the communications compa- 
ny shed its regional telephone com- 
panies to settle a government anti- 
trust lawsuit. 

The results were released in 
Pittsburgh in advance of the annual 
shareholders' meeting of the New 
York-based company. 

AT&Ts chairman Charles L 
Brown, told shareholders that the 
company was filing a request with 
the Federal Communications Com- 
mission to cut rates for its inter- 
state long-distance telephone ser- 
vice and related services by 5.6 
percent, and to reduce rales to 87 
international points by up to 6.6 
percent as of June 1. 

Mr. Brown said at a news confer- 
ence before the meeting began that 
the first-quarter results “offer no 
particular surprises. They’re rough- 
ly about what we expected.' 

He added that the company's 
transition from a telephone mo- 
nopoly to a “fast-track enterprise” 
still makes AT&Ts financial per- 
formance bard to predict 

“It’s very dear the earnings of 
AT&T will be more volatile than 
when it ran the whole Bell System," 
he said. 

The proposed rate reduction 
would coincide with the start of a 
Sl-a-monlh charge on local tele- 
phone bills, mandated by the FCC, 
aimed at helping to cover the cost 
of providing access from regional 
telephone services to long-distance 
systems. When the new customer 
charges are imposed, telephone 
companies will reduce the connec- 
tion charges paid by long-distance 
companies, AT&T said. 

“We will be passing along to our 
customers the savings we get from 
paying lower access charges ” Mr. 
Brown said. 

The company estimated the sav- 
ings to customers on long-distance 

service at more than Sl.l billion a 

As an example, it said rates from 
New York to Los Angeles for a 
five-minute call would be reduced 
from $253 to $233 during days. 
Evening rates would be cut to SI 59 
from 51.51 and night and weekend 
rates would be reduced to 93 cents 
from 51.01. 

Mr. Brown also disclosed that 
AT&T will begin a major push next 
week to sdl more computer chips 
and other microelectronic circuits 

The products will include a high- 
speed microprocessor, which can 
power a personal computer, among 
other things, and computer memo- 
ry chips. Many of the products pre- 
viously bad been made solely for 
AT&T’s internal use. 

In addition. Mr. Brown said 
AT&T signed a letter of intent to 
buy man y of the assets or Hon- 
eywell Inc.’s chip-making unit, 
Synertek. Terms were not dis- 

AT&T is primarily interested in 
Synenek's manufacturing plants in 
Santa Cruz, California: Bangkok; 
Singapore, and Munich, Mr. 
Brown said. 

Dollar Is Stable 
In Europe Trade 


LONDON — The dollar 
ended little changed in Europe- 
an trading Wednesday after a 
day of erratic fluctuations. Sen- 
timent remained negative but 
the market was cautious ahead 
of the scheduled release of U.S. 
economic data Thursday, deal- 
ers said. Some operators said 
they believed the first-quarter 
gross national product may not 
be as bad as some estimates 
have suggested and had cut 
short-douar positions. 

In Frankfurt, the currency 
ended at 3.0220 Deutsche 
marks, above its opening lows 
below the key 3-mark level and 
up from 3.009 on Tuesday. In 
London, the British pound, at 
S1.2785. was also little changed 
from Tuesday’s close of 
SI 2740. 

Other late European prices 
for the dollar Wednesday com- 
pared with Tuesday, included: 
9.211 French francs, up from 
9.1965; 25235 Swiss francs, up 
from 25060; 1,933.80 Italian 
lira, up from 1.926.50, and 
3.4200 Dutch guilders, up from 

Tokyo Stocks Rebound After Record One-Day Slide 

The A uoaated Press 
TOKYO — Tokyo slock prices 
rebounded somewhat Wednesday 

: recovery 
helped in pan by the dollar’s con- 
tinuing dedine against the yen. 

The stock index fell another 43 
points in the first 15 minutes of 
trading Wednesday, but ended the 
day with a net gain of 94.78 points, 
reaching 12502.06. 

investors, nervous over Tues- 
day’s plunge, were in a rush to sdl 
at first, but the index began to head 
up again with buying orders for oil, 
electric power, gas and other shares 
that benefit from a firmer yen. 

Brokers were divided on whether 
the Japanese market now would 
bead up or down. 

Some said the factors that fig- 
ured in Tuesday’s plunge suU were 
present — a possible slowdown in 
economic growth in the United 
States, Japan’s major overseas mar- 
ket, and uncertainties stemming 
from Japan’s trade frictions with 

the United States, the Common 
Market and other trade partners. 

The previous record decline in 
the Japanese stock index occurred 
on SepL 28, 1981, when the market 
dropped 30184 points. 

On Tuesday, brokers said, a 150- 
poini decline in the first hour of 
trading intensified general market 
jitters and selling snowballed. 

Before the average started edg- 
ing up toward the last half hour of 
t rading , ihc Nikkei- Dow Jones av- 
erage had lost 405.80 points. 

Prime Minister Yasuhiro Naka- 
sone was quoted as saying Tuesday 
that be would slick to his tight 
fiscal policies, which the United 
States and some Japanese leaders 
claim contributes to Japan's trade 

Mr. Nakasooe’s government is 
under pressure to abandon fiscal 
austerity and stimulate domestic 
demand as a means of increasing 

imports and shifting manufacturers 
away from from their heavy reli- 
ance on export markets. 

Japanese newspapers reported, 
however, that Mr. Nakasone told 
reporters: “My most important ob- 
jectives are price stabilization and 
not increasing the national deficit.” 
Foreign journalists were not invit- 
ed to the news conference. 

■ Protectionist KD Introduced 

Senator Slade Gorton, a Wash- 
ington Republican, has introduced 
legislation that would penalize Ja- 
pan unless it begins reducing its 
537-billion trade surplus with the 
United States, United Press Inter- 
national reported. 

The bid introduced Tuesday, 
would impose a 20-percent sur- 
charge on all Japanese imports. 
The surcharge would be raised or 
lowered by I perce ntag e point for 
each 51 -billion addition to. or sub- 

traction from, the Japan-U.S. trade 

Mr. Gorton said he hopes to 
have a hearing on the bill by a 
Senate finance subcommittee next 
week. Similar legislation is pending 
in the House. 

The Senate unanimously passed 
a non-binding resolution March 28 
urging the president to retaliate if 
Japan refuses to permit the sale of 
more U.S. goods. The measure was 
approved by the Senate Finance 
Committee as a bill, and a similar 
version passed the House April 1 

in Ready-to-Wear 
Men s famous artisanal 
handmade clothes 


Designer for men 
38, Rue fmngiM-, 75000 PARIS 
Tela 723^6.17. 

■ iTS 45 E 

ilTJ? i 4 
I 1^3 tS -S 

Swtto PrmcH 

Dollar O-Mort Froitc Sterttoe Prone KCU SDR 

166. Sft ■ Bl* S9. - J*. 49. - Ml, 1»-iah M fL - 10 *. - 9V* 8U 

3*6. m-Mk 5^-5** 4*. - 5* T2W - 124* 10W - 106* fh -16, I ft. 

366. - OH. SV - 51b Sft. • 3* I3W - Uto M49 - 1M6 9 to ■ fW 8V> 

666. B*. - 1 9b 5H - 6 S* • SW llto • It* 109*- 109V 9% - 99* M 

tv. 9 - v ft. 6 ■ 4W s«i -sw iiw ■ tut n - it«. 9% - »** «« 

Rates apmUeebM to interbank deposit* a/ St mtrnoa minimum tar wavtuarant). 

Sources: Maroon Guaranty tdoUar. DM. SF. Pound, FFj; Uo yds Bank IB Cut: Reuters 

171* trt ■! w 
* >: 4*4" 3*1 



Asian Dollar Rates 

April 17 

1 mo. 

S'-. - B ft. 

Source: Routers. 

3 mol. 
■VS -BV* 

B9* -SV. 

I -I 1 " 

9 9ft -9ft. 

4? *f3r 5 


Key Money Rates 

Umted Stales 

one Pns. Britain 

i: g C 



i m 

. i'T-H I 
i ■ fft 

OUcount Rare 
Federal Funds 
Prime Rote 
Broker Lean Rate 
Ctem. Paper. 30*179 davi 
3-moflHl Treasury BIDS 
6-month Treasury Bills 
CD'S 30-59 dan 
CD’s 4M9 days 

West Germany 

Lomoard Rale 
Overnktfil Rote 
One Month interbank 
3-month interbank 
e-month interbank 

intervention Ra» 
Con Matter 
One* month imertonfc 
j-menth Interbank 
6-manm interbank 

• S 

Sit S 3/16 
10W Wfx 
K-M P&-91* 
7.93 7.94 

US 8. to 
uio ns 

too uso 
5J0 SIS 
ioo ns 
uio &20 

lov* ion 
low ww 
ww tow 

10 57U 101/16 

Bonk Base Rate 
Call Money 
tl-dov Treasury BIH 
Hnom lnrerhan* 

Discount Rote 
Catt Money 
60 -dav Interbank 







11 IS /M 


12 11/1* 




i in* 

• 1/1* 

6 5/1* 

* 5/1* 

j Gold Prices 




Hcno Kora 








Paris <122 feihsi 



— 221 




— 1.05 




— 3,15 

Hew Vors 




Sources; Reuters. Commerzbon*.Cri<tH Lv- 
omtals, Llards Sank, Bonk at Tokyo. 

Official farinas lor London. Porlt and Lump 
bowu aoentooaod closing prlcH for Hera Karts 
rad Zurich. New York Come* currant catered. 
All prim In U.M per ounce. 

Source: Reuters. 


RagMmred Office; Luxembourg, 
20, Bo u le v ard E mmo n u s l Srvois 
R.C Luxembourg B2LA54 

Notice is hereby given that the 

of die shareholder! of Leicom Fund will be held at die registered office at 
3 AO p.m. on April 29. 1985 with die following. 


1. Approval of the reports of the board of directors and of the statutory 

2. Approval ol the balance sheet and profit and kaa account for the year 

ended December 31. 1964. 

3. Allocation of the nel results. 

A Discharge to the directors and the statutory auditor for the proper 
performance of their duties during the year ended December 31. 1984. 

5. Election of directors and the statutory auditor. 

6. Ejection of four new directors. 

7. Miscellaneous. 

RcsoJwiota pf the •kucbcldsTa vUl be psss«i at a simple majority 0 / those 
present and voting, and each share is entded to one vote provided 00 pesos 
as shareholder and/or proxyholder may vote for more than 20% of the 
shares anted nor for more than 40% of the shares present at the meeting. 
A shareholder may ad at any meeting by proxy. 

In order to puridpale in the above meeting the owners of bearer shores shall 
have lo deposit their shares five borino* dan before ihe meeting at the 
registered olfice of Leicom fund or with a bank accepiablc to Lcicom Fund. 

On behalf of the company, 

Luxembourg Brandi 
20, Bd. Emnuauiri-Semlfl 


in capital goods 

bring high returns 

The world market needs containers. 

Their n u mber win double over the next 
10 years to about 6 million units. 

Ybu should also participate In this 
growth oriented market! Already with SFr. 

10 .000.- you can own a container which we will on 
request lease back and manage for you. 

Our lease conditions: Net lease from 6% p/e of the sales price 
paid quarterly or semPannuallyplus 8% of the sales price as amor- 

tisation, paid together with the leasing fee; i.e. total distribution 

from 16% per annum. Assumption of upkeep- and repair exists" 
assumption erf premiums on all-risk insurance, from repurchase of- 
fer at 36% of the initial purchase price after 8 years. 

Vbur advantages: As owner ol the container you will receive a Cer- 
tificate of Titlewffli the Internationa! Containercode and therefore 
a real countar-value for your money. Already 3 months after ma- 
king your investment you can receive the first distribution. Higher 
yield in SFr. as i n conventional investments. 

PImm Mnd me free of charge detailed Information on the Ami OwaJner- 
Irwmnwre concept 


Firs Name 

Street, Nr. 

Zip Code/City 

1M. office /private 


Boctenhoferc 6 
CH-8035 ZOrich 
1W. 0041-146340 tl 

The famous Corum Coin Watch. A precious uhra- 
thin quartz movement inserted between the two 
halves of a genuine $20 gold coin. Water-resistant 
In ladies’ visions too. A subtle touch: each Corum Coin 
Watch has a pure diamond set in the crown. 

Corum watches are on view at the finest jewellers. For ihc 
address of the one nearest you or for a brochure, wmc 
or phone 10 : France. S.A. Michel Niarquia. 177, Bd de 
CreieiL 94100 Saint-Matir. tel. I<S89.36.36 - Germany, 
Austria, Holland, Helmut Tenet GmbH, Heinrich-Heine- 
Ailee 4. D-4000 Dusscldorf, id, 021 1.320.446 - Great Britain, Sounders 
& Shepherd Ltd.. I, Bleeding Heart Yard, Grerille Street. London 
EC IN R$J, id. f) 1-405 2666 - Italy, Corum Italia di Amedeo Meda- 
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CORUM. 2300 La Chaut-de-Fonds. Switzerland, tel. 19 2S.66.66. 


U.S. Futures April 16 

Season Season 
Htah Law 

Osn High Low Close Cho. 


- ■! WHEAT (CBT) 

£000 tw minimum- dollars per bushel 
•t.’XE 302ft Mar 343V, U6U. 

, iso i24(e Jul 133 135 

1 ; XKVt 124 Sep U» 304ft 

■3-Mrt 134 Dec 134 345ft 

'■ 174 V*, 140V, Mar 34W4 151 

; s +02 3 47 May 147V, X47ft 

- Est. Saha Prev. Safes AMO 

.Prev. Day Open int. 31950 off 481 


5000 bu mini mu m-dol lore per bushel 
rr 130 249ft May 240ft 2J52ft 

131 173 Jul 17910 18110 

1211* 1 66ft Sep 249ft 1701b 

;i 195 1 «ft Dec 145 1451* 

«1 110 149U. Mar 173 17310 

\ 12110 174* May 17714 27H14 

i! 184 uavb Jui 180 mu 

Est-Sales Prew.Salra 28412 

J Prev. Day Open litt.127437 up 240 

Jl 1000 bu minimum- dollars per bushel 
?! 7.97 5-70ft May 503 597 

3 1 729 5J0ft Jul 52910 005 

Si 724 183 Aug 602 607 

;■ 171 501 Sep 4JI1 403ft 

;• 448 5031* NOV 405 408* 

|i 479 5.941* Jon 417V* 419 

’( 702 4041* Mar 427 429 

1, 709 415 May 

V. 449 401 JUI 

;! Est. Sales Prev.Sales 2M00 

4; Prev. Day Open int. 43027 off 673 

WO tans- dollars per ton 
-'I whim 123LBO MOV 13020 13020 

Y\ 19450 13470 Jul 13470 136JM 

I! 18000 13720 Alia 13TJD lOTJO 

ji 17920 14000 Sep 14110 14130 

f 18020 14220 Oct 14520 145J10 

? 18420 14720 Dee 14920 14920 

I M30Q 14920 Jan 15120 5120 

j! 20420 154JJ0 Mar 15450 15450 

14150 14020 May 14120 14128 

i 16720 14720 Jul _ 

Est. Sales Prev. Sales 9287 

J i Prev. Day Open Ini. 46247 off 412 


• 1 40200 lbs- donors per 100 ibA 

I, 3328 2180 May 3120 3120 

V 1 T77C 2170 Jul 3420 3098 

»’ 31.17 2150 Aua 2925 3Q20 

;> 3020 2220 Sep 20*5 29.10 

■l 29.15 2290 Oct 2720 2010 

• auo 2190 Dec 2470 2720 

» 2725 2320 Jan 2495 37.17 

27.JB 34.40 Mar 3420 2430 

I I 3420 May 

Est. Soles Prev. Sales 19,727 

-i Prev. Day Open Int. 54012 off 1056 
■ < OATS (CBT) 

; 1 5000 bu minimum- doiian per bushel 
ll 121 1241* May 127V* 128 

1, 1781* 123 Jul 124V* 124* 

s! 179 120 Sep 121V* 121V* 

-■ 122M, 124 Dec 

,1 124* 124* Mar 

; EsI. Sates Prev. Sales 215 

"i Prev. Day Open Int. 3245 up 11 

321V* 321* —22 

13214 132V* — JT1 

13216 132* 

133V* 32314 — 20* 
329* 140V* +J»V* 
32716 32716 +21 V* 

18014 182 +21* 

27914 18016 _ 

149V* 22!* —20* 
224 144* —211* 

272 172 —All* 

277* 178 — 21V* 

220 100 —21V* 

5.92 194V* -2016 

599V* 403 +20* 

62116 425* +21 V* 
400 62116 

424V* 4261* —201* 
417 41716 

4241* 42816 


12820 12820 
13420 134 JO 
13720 13770 
139.00 13920 
14270 14270 
147.10 14720 
14970 14920 
15480 155.10 
15920 159-DO 

3120 3108 
3022 3840 

2970 29*0 

2137 2820 

27-45 2790 
3450 Z728 

2480 3485 

2420 2672 

1271* 128 +20* 

124V* 124* 

12116 12116 +201* 
124* +201* 
1271* +201* 

Season Season 

Hlpti Ljow OP"" Hlon 

2130 I960 May 

2110 1940 JUI 

Est-Sales Prev. Sales 5.108 

Prev. Day Open Inf. 27292 up 167 

15200 Bh.- cents per lb. _ 

18520 15120 MOV 15400 13+50 

1B4A5 i"“ Jul 15440 15420 

11220 15575 Sep 15475 15675 

10120 15+4B NOV 15475 15475 

18020 15520 Jan 

17720 15420 Mar 

14220 14020 Mav 

15720 J220 Jul 

1B02D T79.75 SeO _ , 

Est. Sales 400 Prev. Sales 821 

Prev. Day Open Hit 4241 off 41 


Low dose 



15520 15575 
15520 15575 
15420 15425 
15115 15350 



40200 lbs.- cents per lb. 

6920 6125 Apr 4195 6220 

4920 6357 Jun 4372 4325 

6727 63.15 Aua 6430 6450 

6590 6150 Oct 4290 4290 

4725 4350 Dec 4185 6390 

67.45 6475 Feb 6430 6445 

4727 4555 Apr 

Est. Sales 14243 Prev. Soles 17204 
Prev. Day Open Int. 59264 off 1239 

44000 lb*-- cents per lb. 

7470 6505 Apr 45.15 4570 

7173 44.95 May 4585 <8*5,10 

7370 &SJUJ Aua 4830 4055 

7320 6720 Sep 6820 48.10 

7232 47.10 Ocl 6722 6700 

737S mm Nov 4850 6870 

795® 6920 Jan 

Eet. Sales Prev.Sales 1490 

Prev. Dav Open Int. 9274 oHl53 

30200 lbs.- cents per Bb. 

5445 4260 Apr 4325 4420 

5550 4775 Jim 4&50 4895 

55.77 4895 Jul 5050 5075 

5437 4750 Aua 50.10 5055 

5175 4520 Oct 4720 4775 

5025 4630 Dec 4E3fi 4020 

5000 4475 Feb 4070 4820 

4735 4525 Aar 4520 4S2S 

45L05 4720 Jun 

Est. Sates 7362 Prev.Sales 4225 
Prev. Dor Open int. 24337 off 408 

38200 iusj- cents Per lb. 

8220 41.15 May 4420 6525 

8247 6115 Jul 6420 4670 

8025 6070 Aua 6425 4575 

7470 63.15 Feb 7B70 7090 

7540 4420 Mar 7020 7020 

7520 7020 May 

7620 7DL5B Jul 7120 7120 

Est-Sales 7245 Prev.Sales 6297 
Prev. Day Open Inf. 11224 off 387 

6025 4027 
6290 6320 
6175 6397 

6145 6162 

fi « fine 

64.10 64.10 

6455 6420 

«<H 44 94 

<752 4772 

6745 4755 
6770 6730 
6825 6830 

4375 4477 
4820 4857 
4927 5040 
4925 50.10 
4470 4720 
4728 4795 
4830 4820 
4520 4555 

6110 4520 
4470 44.15 
63.10 6425 
6955 7070 
6950 7120 
7120 7120 


j> 37500 lbs.- cents per lb. 

;; 15100 122A1 May 14075 14075 

14970 121JW Jul 13920 13995 

■, 14750 12720 Sep 13970 13950 

«' 14455 12975 Dec 13920 13925 

14350 12850 Mar 13875 13820 

- 11 14275 13120 May 13850 13850 

•> 14050 13550 Jul 13820 13820 

5i 13750 13175 Sep 

a Est. Sales IBM Prev.Sales 2261 
V Prev. Day OpenlnL 13300 w>W3 

112200 lbs.- cents perlb 
1050 321 Mav 323 325 

9.95 375 Jul 323 325 

9.75 400 Sep 421 423 

925 425 Oct AID AM 

775 448 Jan 455 455 

973 496 Mor 523 504 

7.15 519 May 577 577 

669 540 Jul 547 547 

Eet. Sales 8441 Prev. Sale* 12795 
Prev. Day Open inf. 85450 off 480 

10 metric fan*- S per fan 

2570 1998 May 2390 2400 

2400 1998 Jul 2235 2240 

3415 1967 Sap 2191 2194 

2337 1945 Doc 2148 2150 

3190 1955 MOT 

13920 14027 
139 A0 13945 
13865 139.15 
13820 13844 
13805 13823 
13850 13820 
13800 13800 

155 321 
374 379 
392 397 
404 427 
440 447 
495 499 
517 571 
535 543 

2351 2381 

2185 2221 

2140 21M 

2115 3140 




81 million- ptsarwOpdL 
9129 87.14 Jun 9126 9227 

91.43 86.94 S«P 9179 9128 

9096 8577 Dec 9093 9112 

9+80 8660 Mar 9064 9076 

9073 87.1H Jun 9825 9021 

mm KLoa sep 90.14 9075 

8762 09-OS Dec 

•MB 0928 Mar 

Eat. Sales 17770 Prev.Sales 5913 
Prev. Dav Open Int 30781 up 258 
SI 00000 prln- pts A 32ndeaf lOOPCt 
KM 70-9 Jun OS-30 11-16 

sn-13 75-TO Sm m-s so-l» 

g0-22 75-13 Dec 799 79-26 

tO-fl 75-14 Mar 7872 7M 

79-26 7+30 Jim 

EaL Sales Prev.Sales BJJ70 

Prev. Day Open int. 40264 off 53 
{•pcMIOMMMs 832ndsot100pct) 
77-15 57-20 Jsro 71-5 71-22 

7+2 57-10 Sop 70-5 W21 

7+5 27-8 Dec 699 69-26 

72-30 57-2 Mar 68-21 6931 

70-16 S6-2J Jun *7-38 68-0 

709 56-29 Sap 67-10 67-19 

69-26 56-23 Dec 66-22 67 

69-12 56-27 Mar 6+5 66-15 

69-2 63-12 Jun 

6046 6+4 Sep 65-11 65-11 

68- 8 63-34 Dec 

Est. Sales PrBV.Sa6nWl.389 

Prev. OavOaen Int21l435 up 32 

SIMMMOprfn-pfs 4 rands of wo pet 

69- 29 57-17 Jun 69-26 69-29 

694 59-13 Sep 69-3 69-6 

60-13 594 Dec 68-18 60-18 

60 5+20 Mar 

67-8 5+25 Jun 

67-3 65 5fP 

Est. Sales Prev. Sates 44 

Prev. Day Oven Inf. 3357 upO 

11 million- pts of lOOpct 
9124 8531 Jun *1.12 9147 

9067 8500 SOP 90OT 9007 

90.19 8504 Dec 9023 90J4 

8979 8626 Mar 

8946 8643 Jun 0926 8926 

89.17 8746 Sep 8925 8925 

8826 8824 Dec 8879 M79 

Eit. Sales 670 Prev.Sales 174 
Prev. Dav Open Int 6250 off 102 

9U» 9106 
9126 9127 
9093 91.14 

9029 9077 
9025 9049 
9034 9073 

8849 81-15 
80-1 80-18 
79-6 79-23 

78-22 79-2 

7V3 71-22 

7+3 7+21 

698 6+25 

6+15 60-31 
67-24 « 
67-5 67-19 

6+19 67 
66-3 6+15 


658 65-11 


69-21 69-29 
6530 69-6 
6+18 6+18 



*1.12 9146 
9069 9090 


8941 8947 

■974 8927 
8099 89.10 

Stock indexes 

pal rds and cents 

189.10 156.10 Jun 10240 18425 

19270 16000 SOP 18SJD 18745 

19640 17570 Dec 18920 19075 

19420 19010 Mar 19130 19220 

Est.Sales 64444 Pr+v. Sale* 40290 
Prev. Day Open Int. 53495 up 177 
aakits and cents 

21940 17300 Jun 19740 19928 

21130 18573 Sap 20140 20X90 

210JW 209 jo Dee 

Est. Sales PTW.SalB+ 634 

Prev. Day Open lot. 5255 otf38 
paints and cents • _ 

1 10.00 9000 Jun 106AS 107.10 

111.90 9175 Sep 108.10 109.10 

11X73 10120 Dec 11+25 11+25 

11345 111.10 Mor 11220 U22D 

Est. Sale* 12026 Prev.Sales 6475 
Prev. Day Open Hit. 1747 up113 

10175 18115 -M0 

18470 18665 +45 

18870 190.10 +70 

19140 19340 +20 - 

1*505 19070 +40 

20000 2D3AS 1 +75 
20775 +481 

10525 10645 +45 

M745- 10+55 +45 

10940 11045 +40 

111.90 11273 +05 

Commodity Indexes 


Moody's N.A. f 

Reuters 1,88240 

DJ. Futures — N.A. 

Com. Research Bureau- NA 

Moody's : base 100 : Dec 31, 1031. 
p - preliminary; f - final 
Reuters : base 100 : Sep. 18, 1931. 
Dow Janes : base 100 : Dec 37. 1774. 

960.40 f 
244 00 

Paris Commodities 
April 17 


Asian Commodities 
April 17 


High Low Bid Ask Cbm 


French franc* per metric ton 
Aua 1278 1251 1255 1256 -20 

Oct 1210 1295 1791 130 —17 

Dee N.T. N-T. 1240 1J60 —17 

Mar 1450 1435 1435 1445 —17 

Mov N.T. N.T. 1480 1000 —17 

Oct N.T. N.T. 1045 1070 —3 

Est. vol.: 608 lot* at 50 ion*. Prev. actual 
sales: 804 lot*. Open intern!: 1626* 


French francs per 108 to 



2015 £218 




N.T. 2020 

+ 15 



1170 1163ft 


— 1! 



N.T. 2060 


— 22 



N.T. 2080 

— 5 



N.T. 2090 


— 5 



N.T. 1090 


— 8 

Eri. vol. 

: 53 lots of 10 tons. Prev, 


sain: 231 Iota. Open bilerasl: 804 


French francs per iff kg 



N.T. — 


+ 13 



N.T. 1435 


+ 9 



N.T. 1ABB 


+ 17 



N.T. 1485 


+ 7 



N.T. 1480 


— 5 



N.T. 2450 


+ 3 



N.T. 1445 



Ell. vol.: 

19 lolsof 5 tens. Prev. actual him: 

37 lots. Open Interest: W 

Source: Qoursm du Commerce. 

S&P 100 Index Options 

April 16 

Prltt API Mb* Johe Jir M Mn Jaw Jty 

U00 per oa nee 

Close Previous 
High Law BM Ask DM Aik 
API _ N.T. N.T. 32700 32900 33100 33300 
Mav - N.T. N.T. 32+00 33000 33200 33400 
Jun _ N.T. N.T. 33000 332JB 33400 33609 
Aua _ 33600 33600 33400 33600 33800 340JW 
Oct— N.T. N.T. 33900 34100 34400 34400 
Dee _ N.T. N.T. 34400 34600 34900 35100 
Feb - 350.00 35000 34900 35100 35600 35600 
Volume: 24 lots of IDO ax 
UAJper ousce 

Mob Low Settle Settle 

API N.T. N.T. 32640 33100 

Jun 3340B 32970 329.58 33430 

Aua . — N.T. N.T. 33*40 33900 

volume: 92 lots of 100 az. 

AAalayslmi cent* per kilo 

One Preview 

Bid Ask Btfl AM 

MOV 19275 19275 19500 19575 

JUn 19+50 19500 19+00 19+50 

Jly 197J0 19+50 201J0 20200 

AU9 500 JO 20250 20500 20600 

See 203J0 20420 20620 20720 

Volume: 38 lots. 

Singapore cent* per Mia 

CPh Prevleu* 

BM am BM Ask 

RSS 1 Mav„ 16975 17075 17075 17+75 

RSSlJun— 17X00 17X50 17320 17+00 

RSS 2 MOV. 16820 16920 16820 16920 

RSS 3 May. 16620 16720 16620 16720 

RSS 4 May. 16220 16420 16220 16420 

RSS 5 Mav. 15720 15920 15720 15920 

UL! - 1/16 V* 16 

WL 111* n - 1/16 Iflt U 9) 

tf* TV. II - 1/14 7/16 15/16 IN 

1+ 4 i 71* 7/11 1*. M M 

•* Ml 3» «, ft. ft « W 

1/16 15 1 H » P. H - — 

1/16 I* ll/M l» - — I5W — 

155 — 31 - - 

140 15L m. 1715 — 

US UL 111* 13 — 

170 W W II - 

ns m 4 i 7i* 

m ■* Ml » a 

US 1/16 V5 1 H » 

no i/i6 I* ii/u n* 

1*5 — l/U Ui - 

TaMoe volume ufTit 

TbM CBfl oaea M.HSjn 
Total sol rakMoe 109046 

Trial Hf OPHiiaL 457212 

Htfb 177.13 Low 17533 dale 17647 + UO 
Source : cboe. 

London Commodities' 
April 17 

Clou Previous 
High Low Bid Ask BM Ask 


SforlMv per metric ton 
May 10720 10520 10620 10620 10700 10720 
AUU 11300 111.00 11100 11200 11220 11220 
Od 11700 11420 11520 11+00 11600 11+20 
Dec 12100 12200 121 JO 12200 12200 12200 
Mar 13+20 13X30 13400 1300 13400 13420 
May 13920 13+20 13800 13920 13900 13920 
Aua 14500 14500 14420 14500 14400 14500 
Vatu me: 2256 lots ol 50 Ians. 


Sterling per metric tan 
May 1020 1.902 1,9» 1008 1.920 1.931 

Jly 1097 1080 1088 1090 1085 1090 

SOP '1053 1036 1041 1042 1044 1045 

DSC 1002 1JW 1,791 1,792 1,795 1JV7 

Mar 1001 1,789 1J89 1,791 1,798 1,779 

May 1000 1.795 1,790 1.795 1001 1003 

Jly N.T. N.T. 1,780 1000 1000 1010 

Volume: 3064 kits at 10 tons. 


Sterling per metric Ion 
Mav 2059 2035 2050 2054 2050 2053 

JIV 2.W7 2076 2094 2093 2094 2090 

S«P 2.147 2.120 3,135 2.138 2,136 2.140 

Nov 1175 2.147 1155 1160 1160 1164 

Jan 1170 1145 1152 1159 1160 1165 

Mar 1135 1130 1122 1130 1135 1140 

May 1120 1115 1115 1120 1110 1120 

Volume: 1143 lets at 5 Ian*. 


US. dollars per metric ton 
AM 22+25 227-75 22+25 22+50 22+00 22900 

May 22550 22405 22SJS 225J5 225 JO 225.75 

Jen 22205 22100 22105 22200 22175 22300 

Jly 22205 22075 221.75 22200 22175 22300 

AOO 22500 22+2S 22+50 22500 22+50 22+50 

Sea 226-50 226J0 22600 227.75 77550 229 JO 

Od N.T. N.T. 22700 230110 22600 23200 

NOV N.T. N.T. 22800 23X00 22+00 23+00 

Dec N.T. N.T. 22800 23300 22600 23+00 

Volume: 968 tats ot 100 tons. 

Seuraas: /taufenandLMOon Ptfrolaum Ex- 
efianae igosallj. 

DM Futures Options 
April 16 

W.C€rnwi*krt-CSIID maria ants per mark 

Cash Prices . April 16 

Commodity ond Unit 

Coffee 4 Santos, lb 

Prfnlcloth 64/30 JB V*. vd - 
Steel billets (Pitt.), ton — 
Iran 2 Fdrv. Phlic, Ion — 
Steel scrap No 1 hw Pitt. . 

Lead Spot, lb 

Copper elect, ib 

Tin (Strain), lb 

Zinc. E_ SI. L. Baris, lb 

Palladium, oz . 

Sliver N.v.w — 

Source: AP. 

To Our Readers 

Floating Raxes Notes were not 
available in this edition because of. 
computer problems. 


National Westminster 
Finance B. V. A 

(Incorporated In The Netherlands with limited liability) 

Guaranteed Floating Rate Capital 
Notes 2005 

In accordance with the provisions of the Notes, 
notice is hereby given that for the six months 
interest period from 1 8 April, 1 985 to 1 8 October, 
1985 the Notes will carry an Interest Rate of 
9ft% per annum. The Interest payable on the 
relevant interest payment date, 1 8 October, 1 985 
Nfl 1 HlffH 11 s $463 

MA., London 

London Metals 
April 17 

Close Previous 

DM Aric BM Aik 

Sterlhta per metric ton 

SPOt 86600 86700 86800 86900 

forward 88800 88900 B910D 89100 


Sterling per metric ton 
«*>! 101600 1,21700 1.19+00 12)000 

forward 1.19100 1,19100 1,18+00 1,18300 


Ster ling par metric loo 
HKrt 1JKLBB 100600 1,19000 1.19100 

r onward 1,19700 1 JD20O 1,19000 1,19200 


Sterling Per metric ton 
spot 30600 30700 31200 31+00 

Forward 30400 30500 30900 31+00 


Stem no per metric too 

not +24000 +25000 405500 4J*cnn 

forward 401000 421500 +25500 +944 09 


Peace per Irov etmee 

spot SD90O 51000 50900 51100 

forward 523JD 52S50 52500 52+00 

TIN (Standard) 

Sterling per metric Ian 

SPOT 903000 904000 9J52O0Q 903000 

Forward 901000 9JI50O 9,49500 9JOO0O 


Sterling per metric Ian 

SPOt 70700 70+00 70700 70900 

forward M6J0 69700 69700 49300 

Seurat: AP. 

Dividends April 17 

U.S. Treasury BUI Bates 
April 16 

Offer BM YMId YMd 
Xmontt, 7.95 7J3 123 BJ4 

Mwith 107 505 153 172 

One year +29 BJ7 bjt 9.U 

Jtmt: Salomon BroHtm 

330 17JM9J0 

3D 7175.122 
341 72- 875 

353 40DS3O 
3S £25 vs 
SO 105 275 
380 — 



I. Quai du MaM-Uaitc 
1211 Genera U Switzerland 
TcL 31*251 - Tekx 28J0S 

0 47 ft 

a 03ft 






a 47ft 














Q 47 ft 







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49* 31* UAL JSe U 7 MW « 
gtM MV) X40 7J7 140 311b 

44*—, Mr 


W1COR 133 an 

;| :5S?? 

431 ? «- :m 

.; !> y* n? 

IBS 33353 


et Loss Narrowed in ’84 

tbe Dumber of shares by about 5.5 

About 49 percent of Tbomson- 
CSFs 10 million shares outstand- 
ing remained in private hands after 
the 1982 nationalization of the par- 
ent company, then known as 
Thomson- Brand l 

Terms of the offering, to be 
made in both domestic and inter- 
national markets, are expected to 
be approved at a shareholders* 
meeting on May 2, executives stud. 

They added that Thomson- 
CSFs return to profitability in 
1984. after three consecutive years 
of leases, should annua interest in 
the markets. The unit hod estimat- 
ed net earnings of 300 million 
francs in 1984, after a net loss of 
S10 million francs in 1983. Saks in 
1984 rose to 31.5 billion francs, 
from 24.3 billion francs in 1983. 

Mr. Gomez attributed the reduc- 
tion in Thomson SA’s losses to a 
combination of cost-cutting mea- 
sures. including a 21 -percent reduc- 
tion over two years ut the group’s 

BAB to Acquire 
London Broker 

Ituenuuunatl Hertdd Tnbme 

British unit of BAJ3 Group, 
said Tuesday ii has agreed to 
acquire Sheppards & Chase, a 
midsized London stockbroker- 
age. Terms were not disclosed. 

BAH Group is the holding 
company for Banque Arabe & 
Internationale d'lnvestisse- 
ment. a French- Arab consor- 
tium hank. 

Nearly all large British stock- 
brokerages over the past two 
years have sought to increase 
their capital bases by bringing 
in bunks or other financial insti- 
tutions as major shareholders. 

BeH Canada Enterprises inc.*s 
BeD Canada telephone utility will 
not amply for a rate increase begin- 
ning Jan. I, the Canadian RadioTe- 
kvhion and Telecommunications 
Commission said, because reve- 
nues from local services have been 
higher than forecast. 

Brakes Hffl Pty. Co. and Shell 
Australia Lid. said they have in- 
creased their interest in Woodside 
Petroleum Ltd. to 48.52 percent 
from 42^> percent, by market pur- 
chases at an offer price of 1.60 
dollars ($1.06). 

Daewoo Motor Co. slopped pro- 
duction at its the main plant in 
Pupying, a suburb of Seoul, be- 
cause of a work stoppage by em- 
ployees demanding nightr wages, 
the company said. 


Ibr Funds Usted 

SE 1*700 
51 s I13M0 

1 E 
I E 
1 E 




America SHUO0 

Europe SF 110100 




... Dollar Mod MAD 7#rm 

Dollar Lono Tonrt 

Jwomu van 

Pound SiorUna 

Dautich* Mortt _ 

Dutch F tor In 

—iwl Swtn Franc 



•- l 08UC£ST10N 







OM 1. 162.00 
_ SFV2J0 
_ 11.1002* 
Y 105J3OB0 
FL 104X11 

S 105-17 


._ ) PAR US Treasury Bond— ... shu? 






liN‘ Offor — _SS43* 


Mra OaXendan-01 -3774040 

. JB Bond Fund S 21 J* 

— |<M) SUB mtt Growth Fund S20J0 


uncoU-S-Sh. SF 3JL2S 

._ . JOIKt-IIWO0 SF 44JW 

*-*» FonlaSwiuSA. SF 13450 

IJooan-lnvnt sptojo 

I Sallf SoufhAfr.Sli. 5FSVL3S 

._ I Sima (stock nflral SF 1*7X0 

■ INVESTMENT Frankfurt 

imrmto... DM 42X0 

. Jflllomta — DM Z2J0 

— tdlUnlra* — DM70JQ 

Otber Funds 

1, Laurmco PounfV Hill, EC4. 01-423-4*10 ~ 

— Iwl FAC Atlantic— !!■•£> im* 

-Iwj FAC European S 10JS }™j 

— <w| FAC Oriental S2A4Q [J'j 

fidelity POB gc. Hamilton B erm u da ini 
—(njj Amortcon Value* Co««on_ JbJO lw] 

— I ml Atnor Values CunLProt IWliJ Iwl 

— id I FldoUtv Amor. Anrti S44J0 iwl 

—Id | Fidelity Australia Fund iiu (m 

— <d | Fidelity Dlsanwrv Fund— 11022 Id 1 

—id ) FUeUiv Dir. Sras.Tr * rase tw 

— Id l Fidelity For Ensf Fund 13023 Id 1 

—jd l FMotity inrt Fund *57.29 id] 

— (0 ] Fidelity Orient Fund. 134.70 Ifh 

— Id 1 F well tv Front tor Fund ■ SUM twl 

— fd > modify Paaflc Fund 1 1314U fh I 

—id I FkOellfv SPCt.Grpwtn Fd *1*4* iwl 

—Id I Fidelity Wvtd Fund_ SJU8 Iwl 


London Aoont 0I43M0U bj 

—iwl Gold inconto S7J4- S ) 

— iwl Goto Appradotlon w 

— (w) Dollar Income ■ ■ ■ 14J0 

— Ini) Strawnlc Trading . — .. *1-14 j al 


—Iwl East ImmlmtiU Fund *33423 

—tw| scottljft World F und J JHf ^ 

—twl SW St. American 1 1SSJ1 j" 
Cortl.G»/idJ.W 1 Lon*oenMI-4»14230 Jwj 

PB II*. St Peter Port, Goenwv.»«*l-»iS id) 

(ml FuturGAMSA J 32-13 jd I 

(mlGAM Arbftmne me 5I&H Ml 

<w> GAAtorica Inc — SIMM ( wi 

Iwl GAM Boston Inc * 1033* (wl 

<**l GAM Errnliaae , 1 1X29 (wl 

(w) GAM Fronc-vd — . SF *4.14 ID } 

id I gam inioraanenol inc iiKL 2 * (di 

(Wl GAM Norm ABwrKMjwc.-— JWUS (wi 
|W| GAM N. America Unit Trust. MOP i p (d j 
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(wl GAM Stott. X tij*» Ufltt Tran. m» n <fl I 

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V-3 Seale st Jt H4(tor.'0S3«-3433l (rl 


gidirnc.: Pifl -HiAOflf wio (b i 

»(d Cao : BK! nOMCWW 110X74 (wl 


—Ml Short TeSn "A 1 (ACCwnl — - JJxttS WJ 
1^5 { snort T*nm 'AWDUh-J- — 1JX M7 lb ) 

in i snort Term "B‘ i Acco<n)_ s ).ms (wi 

—la * snort Term V (DWO 10x744 (d I 

— Iw> LOAO Twin * wl-" ™ J 


— ft } J.f Japan Tn«l-_ j 47ja i 

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— (wICMhsC- J dPcn. 



■s”m {ml 
(d I 

OM — Ddufiehx Mortc: flF — Bslglum Franca; FL — DvWj Florin. LF — 
Lmc.mwure Francs: SF — Swiss Francs; O — dUied: + — o n or W w* — old 
cnonoo p/v llOtoSl POf unit: N.A.— Not Avoliofil*; N XL -—Not Coramwilt^ed . o — 
S ihhMM- VS - Stock Spilt; * - Ex -Dividend; - - Bn-Rta; - 
Grau PerformwK* indoxMordt: e—Rodcmuf -Pries- Cx-Couddn;— —Formorty 
WwidiSe Fund Lto; »— Ofltr Pries lneLa% prsllra. cnonrni ++ - doll* rtocfc 
price at on Amtttrdom Slock Excttotwe 

work force, to 64,200 in 1984 from 
81 J50 in 1982; a selling off of vari- 
ous properties, and a strong dollar. 

About 61 percent of Thomson's 
sales last year were generated in 

export markets or by Thomson’s 

subsidiaries outside France, 
against 56 percent in 1983. These 
sales were mainly in dollars. 

At the end of 1984, the company 
had orders totaling about 83 billion 
francs, against 50 billion francs a 
year earlier, Mr. Gomez said. He 
added that he expected a decision 
this summer on a possible $4.3- 
billion order for an automated bat- 
tlefield communications system be- 
ing considered by the U.S. Army. 

Th omson, in association with 
GTE Coip. of the United Stales, 
has proposed its system, known as 
Rita, which is in service with the 
French and Belgian armies. Plcsscv 
Co. of Britain, in association with 
Rockwell International Coip. of 
the United States, also is compet- 
ing for the order. 

Frontier Holdings Inc, parent of 
Frontier Airlines, said it has ended 
talks with Texas Air Corp., which 
had offered $185.6 million for the 

Hughes Aircraft Co. has been 
awarded a 558.7-miilion contract 
by the U.S. Army for work on tacti- 
cal data distribution systems, the 
Defense Department announced. 
It also said die air force had award- 
ed a 536-million contract to Litton 
Industries inc. for work on naviga- 
tion units for F-11 1 aircraft. 

National Intergroup Inc. and 
Bergen Brunswig Corp. said they 
have agreed that a merger was no 
longer feasible, primarily because 
of the deterioration of steel compa- 
ny earnings in the first quarter. 

Chemical to Buy 
Ailing Ohio S&L 

United Pros Intenutuxd 

Chemical Bank of New York 
has tentatively agreed to buy 
Home State Savings Bank, a 
move that would allow deposi- 1 
tors to recover their money : 
from Home State and end the 
state’s worst banking crisis ; 
since the Depression. 

The terms of the tentative 
agreement call Tor Chemical to 
supply about S50 million os a 
cosh infusion to Home State 
and a premium for entering 
Ohio. The state would supply 
from $90 million to $129 mil- 
lion to ensure Home State de- 
positors would get all of their 
funds. Also, $87 million in the 
Ohio Deposit Guarantee Fund 
would hdp cover the deposits. 

la addition, Chemical would 
be allowed to operate in Ohio as 
a full-service bank comparable 
to any Ohio-based bank. 

Nova Park AG, the Swiss hotel 
group, has been ordered into bank- 
ruptcy proceedings. The decision 
followed a move bv Nova Park’s 
largest creditor, Credit Suisse, 
which said the group now owed the 
bank 63 million Swiss francs ($252 

Wal-Mart’ $ Trade Campaign 

(Continued from Page 15) 
yet under its “Buy American" pro- 
gram. In an accord valued at more 
than $3 million, it ordered 400.000 
portable electric fans from Lasko 
Metal Products of West Cheslcr, 
Pennsylvania. Lasko will produce 
most of Wal- Mart’s fans in Frank- 
lin, Tennessee, and Fort Worth, 
Texas, both in the heart of Wal- 
Mart’s territory. 

Wal-Mart previously bought 
such fans in the Far East. Because 
of such competition, Lasko had cut 
bade its employment rolls by 30 
percent over 10 years. "This order 
will bring us right back to where we 
were then," said William Weber, a 
vice president of Lasko. 

Wal-Mart has also ordered 
men's flannel shirts from Farris 
Fashions Inc. in Brinkley, Arkan- 
sas. men’s printed dress shins from 
Capitol Mercury Shirt Corp. in 
Manhattan and' stackable metal 
garden chairs from Flanders Indus- 
tries in Fort Smith, Arkansas — all 
new orders displacing business pre- 
viously done in the Far East. 

Don H. Flanders, chairman of 
Flanders, said that upon bearing of 
Wal-Mart’s new policy, he ap- 
proached Mr. Walton. "A lot of the 
items that we sdl they were buying 
from Taiwan," Mr. Flanders said, 
"and Sam has made an attempt to 
bring that back.” 

Have all the advantages 
of a bank account in 
LUXEMBOURG, without 
actually being there. 

To discover the advantages of banking in Luxembourg 
with BCC . all you have to do is to simply mail the attached 
coupon. Wte will promptlydespatch to you by airmail our 
booklet containing detailed information about banking 
in Luxembourg. 

The BCC Group has offices in 70 countries, its Capital 
Funds exceed US$1,000 million and total assets USS14.3Q0 
million. The Head Office and branch of the Bank of Credit 
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without actually going 

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and there is no with- 
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4. Luxembourg is a stable, 
prosperous financial 
centre in the heart of 
European Economic 

Mad Wm coupon tor yournEE I 
copyot* Inte tn o aonxlmd 
ftwonal Banking in Luxembourg” to 

Bank of Credit and Commerce 




The Daily Source for 
International Investors. 

"BOTf 1 n 

‘ eiy ■i . ii .'ih i . ^ ^ 

•1H :4 V 

Unocal Mounts Counterattack on Pickens Bid 

% Robot J. Cole 

to* York Tunes Server 

NEW YORK — In a scorched- 
earth plan to crush a 554-a-share 
takeover attack by T. Boone Pick- 
cai, Unocal Corp, said Tuesday 
that if the Texas oilman got a 51- 
percent controlling interest in the 
big oil company. Unocal would pay 
stockholders $72 a share, or $6.3 
billion in senior securities, for the 
remaining 49 percent. 

Wall Street professionals quickly 
dubbed the surprise ploy a phan- 
tom bid in that "it may never hap- 
pen” because Mr. Pickens might be 
compelled to withdraw his oner. 

Responding negatively to the 
news, Unocal stock on Tuesday fell 
SI. 125, to S47.375. with 4.4 million 

shares changing hands. It was the 
most active issue, and traders were 
clearly worried that Unocal stock 
might drop further amid signs that 
the short-range outlook for a take- 
over seems to be weakening. 

Unocal's offer, due to start 
Wednesday, would assure share- 
holders a blended value for their 
stock of $63 a share. But if Mr. 
Pickens got 51 percent, those who 
did not accept the S54 in cash from 
Mr. Pickens would get S72 in high- 
grade securities from Unocal, 
thereby, according to Unocal, as- 
suring stockholders of a "fair val- 

The tactic would hand over to 
Mr. Pickens uncontested control of 
the 1 5 th- largest oil company in the 

United States. But iL would be an 
entirely different Unocal burdened 
with an inordinately high debt ratio 
of close to 60 percent. 

Unocal's counterattack, accord- 
ing to Wall Street traders, appeared 
to be a new dimension in corporate 
warfare. Although not entirely new 
— Gulf considered using it in an 
earlier battle with Mr. Pickens — 
this is its first major use in this 

Its aim is to find a way to shake 
Mr. Pickens's financing. Most of 
the money is being raised by the 
Wall Street house of Dread Burn- 
ham Lambert in so-called junk 
bonds that would be sold to 
wealthy investors willing to take 
the high risk in return for the high 

California S&L Has $100-MUUon Loss 

RCA Corp. has introduced a 
computerized system for television 
stations that has on-line capability 
to play back videocasseues auto- 
matically, the company has an- 

WlutsBi} OY, Finland’s largest 
shipbuilder, said it had won a con- 
tract to provide a 24.000-ioa ferry 
for Norway's Jahre line. The ferry, 
is due for delivery in the spring of 
1987. Terms were not disclosed. 

By Thomas C Hayes 

.V<n‘ York Tunes Smite 

LOS ANGELES — Beverly 
Hills Savings & Loan Association 
said that it had recorded a toss of 
about $100 million in 1984, push- 
ing its net worth for regulatory pur- 
poses to about a negative $30 mil- 

Most of the loss, reported Tues- 
day, was related to an increase in 
reserves for bad real estate loans 
and investments made by a man- 
agement l cam that was removed 
after an acrimonious takeover bat- 
tle ended a year ago, according to 
Terry N. Christensen, a director of 
Beverly Hills Savings and its legal 

"1 attribute it to a desire to cram 
every deal possible inro the savings 
association in 1982, 19S3 and early 
1984 in order to make the associa- 

Dennis M. Fitzpatrick, who was 
removed as chief executive after a 
lion grow rapidly, to obtain loon 
fees and to give {he appearance erf 
enormous success.” Mr. Christen- 
sen said in an interview, 
bitter takeover bank last year, said 
he was "shocked and astounded,” 
by the loss esumaie. "I absolutely 
refute that the loss is the result of 
the prior management and categor- 
ically state that it’s the fault of 
cureem management," he said. 

Michael P. Flaherty, a former 
legal adviser to the Federal Home 

Loan Bank Board who was named 
president and chief executive of 
Beverly Hills Savings last year, said 
the association had agreed to coop- 
erate with the bank board's insur- 
ance arm, the Federal Savings and 
Loan Insurance Corp. 

Paul Amir, a Southern Califor- 
nia real estate developer, wrested 
control of Beverly Hills Savings 
last year in a hostile takeover battle 
with the company's management, 
headed by Mr. Fitzpatrick. Mr. 
Amir owns 17 percent of the com- 

Beverly Hills’s shares, which are 
traded in the over-the-counter mar- 
ket, had a bid price of S325. down 
25 cents, before the market closed 
on Tuesday. 

Some traders said the move 
seemed so decisive that Mr. Pick- 
ens might be compelled to with- 
draw altogether, a step that would 
also cause Unocal to withdraw. 
Then Unocal’s stock might plunge 
to pretakeover levels around S38. 





your ltf e 

your best 

High return 
Maximum security 
Tup rated north american 
insurance companies 

Pie*** luntart 
nur Eurupean 
reprweniauve - * office 

7, rue de la Fontaine 
1211 GENEVA 3 
Tel. (2-2I21.S1.52 

High Techology Turnaround? 

( Continued from Page 15) 
ours. But their perception can be- 
come our reality, too, if the stock 
market says a stock is worth S10 a 
share. It’s all Plato’s world of shad- 

•‘Semiconducters, . for example, 
arc basic to society.” he continued. 
“There are few every day things that 
are made without them. We’re not 
dealing here with bowling alleys 
and hula hoops" 

Otis T. Bradley, technology ana- 
lyst for Baltimore's Alex. Brown & 
Sons, calling semiconducters the 
“best barometer of the technology 
industry and its leading ed°e.” rec- 
ommended Monolithic Memories 
for purchase, along with these oth- 
er companies at the conference: 
SCI Systems, Recognition Equip- 
ment, Paradyne Floating Point 
Systems, Cipher Data and Bird- 
view Satellite Communications, a 
company which he said seemed to 
be the stock at the conference at- 
tracting most buying interest. 

Yet, be conceded: “The news 
about technology earnings overall 
is bad and I haven’t beard many 

reasons why." He said volatility is 
perhaps the root problem "exag- 
gerating risks and rewards." He 
added that because high technol- 
ogy has generated this information 
explosion, it has become “the vic- 
tim of its own creation — now 
everybody dashes immediately to 
the same side of the boat.” 

But Mr. Bradley observed that 
with the sharp stock-price decline 
"there are values available in high 
technology issues based on mea- 
surements such as book value, mar- 
ket capitalization and cash flow — 
beyond the popular earnings esti- 
mates for the sector — that were 
never there before." 

He said "hieb-iechnoiogy hang- 
overs’’ take about two years for 
investors to get over and he thinks 
that time is about at hand. With 
(his higher quality of earnings, he 
expects the stocks will be viewed on 
“an investment basis.” Of the 88 
companies at the conference, he 
predicted that the stock of 20 will 
triple over the next few years and 
30 of them will double in price. He 
also thinks, with overlap. 20 or 30 i 
of them will be merged or acquired. 


Sod6H» Anonyms d'lnvestissement 

Rsflistsrsd Office; Luxembourg, 14 rue Aldrmgen 
Commerrfol Register; Laxembonrg Section B V 21 .335 

The .Annual General Meeting of Shareholders of DEAN WITTER WORLD 
WIDE INVESTMENT TRUST SA. will be hdd at its registered office at 
Luxembouq:. 14. rue Aldringen, on April 26th, 1985 at 14.00 o’clock for 
the purpose of considering and voting upon the fallowing nutters; 

1. To bear and accept tbc reports ot 

a. the directors 

b. the statutory auditor 

2. To approve the balance sheet and the profit and loss account 
for die year ended December 31st, 1984. 

3. To di scha r ge the directors and the auditor with respect to 
(bar performance of dulie* during the year ended 31 Decem- 
ber 31st. 1984. 

4 To recommend not to pay a dividend. 

5. To ratify the co-optation to the Board of Directors of Mr. John 

6. To elect the directors to serve until die next annual general 
meeting of shareholders. 

7. To elect the auditor to serve until the next annual general 
meeting of shareholders. 

8. Miscellaneous. 

The shareholders ore advised that no cjuomm for the statutory general 
meeting is required and that decisions mil be taken at the majoriiv of the 
shares present or represented al (be meeting, with (be restriction that no 
shareholder neither by himself nor by proxy can vote fora number of shares 
in excess of one fifth of the shares issuni or two fifths of (he shares present or 
represented at the meeting. 

The Board of Directors 




The Chicago Mercantile Exchange, the 
world’s most successful futures and options 
market announces yet another way to 
manage business risk more effectively - 
Options on Eurodollar Futures. 

The CMFs underlying futures contract 
in Eurodollars, introduced on its Inter- 
national Monetary Market (IMM) in 1 981, 
quickly became the most active short-term 
interest rate contract offered by any 
exchange. In fact current trading volume 
has averaged more than 40,000 contracts 
per day, representing an underlying value 
of $40 billion. 

Now that Eurodollar futures and 
options are trading side-by-side, liquidity in 
both markets will be enhanced and, in 
addition, their comparative values can be 

Leading banks, institutions and 
government dealers can now also use . 
Eurodollar options as an integral part of 
their interest rate dealing operations. 
Options enable them to provide attractive 
and innovative services to their customers, 
resulting in increased fee income 

Corporate treasurers can use 
Eurodollar options as "insurance policies" 

against future interest rate fluctuations in 
their borrowing and investment needs. 
Additionally, they can employ these options 
to enhance investment yields or reduce 
borrowing costs. 

Eurodollar options, in becoming a part 
of the CMFs already-impressive range of 
interest rate products, now give bankers, 
dealers and corporations even greater 
flexibility in managing rate uncertainty. 

For a free copy of “Options on 
Eurodollar Futures: An Introduction,” write 
to or telephone Keith Woodbridge at the 
Chicago Mercantile Exchange, 27 
Throgmorton Street London EC2N 2AN. 
Telephone (01) 92Q 0722. 

















International Monetary Market - Index and Option Market 


27 Throgmorton Street. London EC2N 2 AN 01 -920 0722 
30 South Wacker Drive. Chicago. Illinois 60606 

67 wall sireet. New York 10005 21 2/363*7000 




Tables include ttie nation wide prices 
up to Hie dosing an Wall Street 
□ad do not reflect fate trades elsewhere. 

Via The Associated Press 

WQsHWlLow OudLOTk 

15% liu Brauns 7 

14M 23% BraFB A U 11 

5 24k Buetm 

» 34k Buddiof JO 1U 

344b 19% Buell 60 28 6 

12 12% 12% I2*i + Vfc 

92 34 33*1 34 + 4k 

M 344 3% 3% + Vk 

12 444 4% 44b 

1 26% 26ft 26ft 

31% Estop 
4% EdnB o 
1% ElAudD 
15% ElcAra 
2% ElecSd 
59k Elstnor 
10% EmAWn 
% engMot 
4k EnrSrv 
12 ESOn 
3% EnsJrri 
SH Era Ins 
19% Enwv 
2B EsqRd 
74k EvrJB 
7 EvrJ A 
7 Excel 
2% EwrtSv 

SMtlU 4 


30*20 10 


M 13 7 
320 23 20 
.» 13 SB 
30 2 J 58 
-40b 44 * 

S 374k 
719 19k 
22 19k 

4 21 Vk 
114 4% 

410 Bft 


3 4b 

19 14% 
34 3 

2 10 % 
7 224k 

4 35% 

5 sw 

1 84b 

44 9Vk 
44 5% 

37% 37% + 4k 
12% 12%—% 
T*k 1% + Vk 
214k 21% 

4% 44k +■ Hi 
74b 0% + 4b 
12 12 
4b 4b— Hi 
4k *fc 
14% 14ft + % 
24k 2ft— % 
10% 10% — Vk 
22 % &% 

35 35% + 4k 

84k 89k 
84k S4k — % 
9 9 — Vk 

54k 5% + Vk 

2% 19k 
29k 1% 
40% 254k 
10 % *% 
234k 16% 
24k 1% 

9% 69k 
M 11% 
5% 2% 
2Vk 9k 
17% 71* 

lS4h 9 
104k 9 

54k I 
29 17% 

5% 3 

Impap .IV 
i medio 1-40 


30 13 69 


.12 13 22 


31 23 31 

231 24k 2% 

15 2 19k 

413 29% 39*i 
20 94k 9% 

19 22% 21% 

209 2 Ok 

3 9 9 

57 12% 12% 
242 3% 3% 

20 IVk IVk 

10 74k 7% 

747 9% 94k 

15 9% 9% 

7 14k 14k 

48 29% 29% 
■ SVk 3 

24k + % 
2 + Vk 

39% + % 
94k + Vk 
214k— % 
19k— Vk 
9 + Vk 

124k— Vk 

Ilk + % 
7Vj — % 
91k— % 
9Vk— % 
1 % 

29Vk + 4fc 
SVk + Vfc 

17% 12 Joclvn 30b 34 9 
m 5% Jacobi 

SVl 2% JrUun 4 

6ik 29k John Pd 

lift 7% JrfmAjn 30 30 14 

114b SVk Jolwlnd 4 

S 14% 14% 14% + % 

ID 64k 64k 64k 

35 24k 24k 24k + Vk 

24 3% 39k 39k 

71 10 9V, 10 + % 

3 7% 71k 74k 

36Vk 28% 
3ft 1% 
15% 10 
17% 10% 
TVs 54k 
17% 8 

13% 5 

2 % 1 % 
9% 7% 
49k 2% 
5% 34b 

6% 3 

3% 2 
15ft 9% 
lift 8% 
27% 21 

KnGapt 430 1X4 
KapofcC 8 

KavCp 30 13 23 
KeMn 3Bf 33 
KeyCo 30 23 
KevFh 30 XI 15 
KevCa 9 

Korea wt 

Ktnert 21 


KlM<V» JOr 3 
Knew 17 

Knoll 14 

KawrC 232 83154 

100s 36% 
201 3 

4 15 
2 15 
2 7% 

358 9% 

6 64k 
10 1ft 
8 8 % 
39 4 

8 44b 

157 3% 

2 2Vk 
38 1446 
181 129b 
33 26% 

34% 4-1% 
3 + Vk 

15 — Vk 

74b— % 
94k— % 
6% + Vk 

84k + % 



34k— Vk 
2Vk— % 
144* — Vk 
12 % + ft 
26%— % 






1ft— ft 


2% LcBOTD 






7V, La Pnl 





5 + ft 


23% LaJceSe 







lift LndBnn 







14% + % 


11 Uknki 







76% + ft 


9ft Laser 





lift— % 


8% Lawn n 







24% LeorPP 




24% + ft 


2ft LoePh 





Oft + 1k 


12% Lettish s 




3 Oft 

31 + % 


XV, LeUvrT 







7ft LWFPh 







17% +1 


2ft Lltftd 






1% Lodge 




2% + % 


23% Loflmr 







Mk Lumax 







14%— ft 


Oft LundvE 







70% Lurfa 





lift — Ik 


10 LyOal * 





14ft— Vk 


13% LynCSv 







34H +1W 

22 25% 25% 25% 

5% 2 
24ft 8% 
4k % 
15% 11% 

nvfc 8% 

21 14% 

3% 1% 
3% 1% 

14% 10% 
22% 10% 
B4k 6% 
14Vk 79k 
10% 5% 

15% 9% 

10%. 9% 
18 18% 
27% 16% 
12% 4% 
23% 149k 
7% 3% 
15% 946 

SVk 3% 
9% 9% 
64k 2% 
63% 58% 
5ft 6% 
12% 8 
199k 13% 

USR Ind 

Ultrrrte 1] 

Unicom 14 

UnlCPPf -75 X6 
Unlmr n .50# 47 
UAirPd -54b 33 10 
UFoodA .10 iO 25 
UFoodB 23 

U lined Jta 4J 16 

Unite rv 34M33 14 
UnvCm 17 

unlvRs 25 

23 2ft 
1919 14% 
85 % 

37 13% 
61 10% 
8 18% 
6 2 
98 1ft 
82 14% 
11 17% 
21 61k 

8 13% 
11 8 
5 13% 

2% 2ft— ft 

13 £ 

13% 13% — % 
10% W% + ft 
18% 11% + % 
2 2 + ft 

1ft Ift + lk 
13% 14% + % 
1746 17% — H 
6% 6% 

134k 13% — ft 

8 • 

13% 11% 

VST n Me X0 
VaflvR s 140 78 14 
Vdlws M 13 13 

VtAmC 40b XI 9 

Vomit M 20 10 
varMt .U XI 
Vlcon 12 


VlauaIG 30 34 13 
Vortex 36 12 14 
VuIcCS 30 43 11 

9% 10 + lb 
17% 11 + Vi 

23 23%— ft 

7% 74b— ft 

19 19 — ft 

4M 4ft 
TO 18 — ft 
4% 4% 

7% 7% + M 
3% 3% 

62% 634k + 4k 


Irik lift— % 

18% 11% + ft ,Kfj 

94k 6ft EAC 
164k 124k EECO 
74k 3ft ERC 
4 2ft EoctCJ 

10 8ft 8 8 

14 14% 144b 14%— ft 
21 6% 6% 6ft 
58 2% 2ft 2% 


26% ICH 

35 3 





91% +1% 


4ft ICO 





6%— ft 


2ft IPM 

sac u 






6ft IRTCon 





12 —ft 

r i 

Weekly net asset valJe 

Tokyo Pacific Holdings N.V. 

on April 15, 1985; U.S. $138.99. 

Listed on the Amsterdam Stock Exchange 

Information: Pierson, Hetdring & Pierson N.V., 

Hre n yacht 214. 1016 BS Amsterdam. 



The only publicly-quoted U.S. company special- 
izing in European venture capital investment is 
moving its headquarters to Zurich. A chief 
executive is urgently needed, whose responsi- 
bilities will include the investigation of small, 
often technology-based companies, negotiating 
and structuring, investment, and then monitor- 
ing the performance of portfolio companies, 
lending active assistance when reqnlretL 

Company Earnings 

Revenue and profits, in millions, are In local currencies 
unless otherwise Indicated 

but not required. 

This will be a highly rewarding position, both in 
terms of salary ana other incentives that a U.S. 
publicly-traded company can provide. Please 
reply immediately, indicating when you might 
be available for an interview in Zurich. 

Box BCM-8466 
London WC1V 3XX, England 

United States 

Amor. Bee. Pwr 

lit Q oar. 1985 1984 

Revenue — 133a 1 . 300 . 

Nat Inc 14876 14557 

Per snare — 078 asi 

Amor. Express 

lstQuar. 1985 1984 

Revenue 3440 259 a 

Not Inc 1514 1102 

Far Shore — 057 054 

Results Include Lehman 
Brothers Kuhn Loeb Holding 
Co* acouired in May. 


lstQuar. 1985 1989 

Rovenue 1300. 8.U8. 

Nat Inc 354J) 227 J1 

Per Share — 031 020 

1985 net Includes charge of 
34 ? million. 

lttouor. 19*5 19M 

Revenue 1.390 1770 

Net Inc Ml <50-3 

Par snare — 1.12 1.13 

Apple Computer 

2nd Quar. 1985 17*4 

Revenue 453J 3901 

Net inc 938 9.13 

Per Share — 014 015 

1st Halt 1985 1984 

Revenue 1.130 4U3 

Nat Inc 56JB 14 73 

Per Share — 091 025 

Bcmkots Trust N.Y. 

1st Quar. 198S 198* 

Nat Inc 9X5 74.1 

Per Share — 274 2J6 

Nets Include gains of S3 mil- 
lion from settlement of 
Claims vs 893 million tram 
sale of units and at S3SA mil- 
lion vs 839A million from se- 
curity and foreign ex ch an ge 
trading. Hers also Include 
cramJan for losses of S4S mil- 
lion In both years. 

Dow Coming 

1st Qaar. 1*85 1984 

Revenue 3154 2093 

Nat Inc 2*3 223 

Eastern Airlines 

lstQuar. 1985 1984 

- Revenue U2L 1JOT. 

Net Inc — 2431 (01201 

Per Shore — 035 — 

a; loss. 19 85 net Includes 
gain of 81 J million. 


lstQuar. 1985 Iff* 

Revenue 3774 4101 

Net Inc 28.17 247 

Per snare — 043 030 

1984 per share results ad- 
lusted tor 2-tar -1 split in Feb. 

Evans Products 

4 lb Over. 1985 1984 

Revenue 282.7 2300 

Net Inc 332 (a}30? 

Par Share — 015 — 

_ Year 1*83 1984 

Revenue 1X80 973 S 

Net LOSS 31.19 6338 

. a: loss. 1984 nets Include fax 
benefits of JJflJ million In 
1984 auorter and ofSlOJ mil- 
lion vs 812 million In veers. 
1984 year net also Includes 
gain of SIBJ million tram dts- 
nasal of operations. 

Fit Interstate Bk 

1st Qaar, 1985 1984 

Net Inc 7149 6335 

Per Shore—. 153 137 



Diversified multinational investment group 
in Brussels 

with protects worldwide 

seeks to recruit experienced businesswoman or man 
to join top mnagement team in developing our 
dramatic expansion. 

Excellent prospects and remuneration are offered to 
the right person. 

Apply to company administrator: 

283 Ave. Louise, B - 1 050 Brussels. 



International community-health charity 
seeks head for small secretariat with responsi- 
bility for some fund-raising. E nglish mother- 
tongue, fluent French. Age about 40-55. 

U.K. equivalent about £20,000. 



1st Quar. ms 1984 

Revenue 1,170. 1X80. 

Net Inc *44 4X0 

Par Share— 133 0.95 

1985 net Includes charge of 
0.1 mutton tram restructur- 
ing of ooerations. 

Champion Inti 

1st Quar. 1*85 1984 

Revenue 1445. 1.147. 

Net Inc 4376 29.13 

Par Shore — 043 046 


isl Qaar. 1985 1984 

Revenue S1S9 421.1 

Net Inc IX* 183 

Per snare — 055 052 

loss results Include 
Stauffer Chemical Co. from 
March 15. 

Coca Cola 

1st Quar. 1985 1984 

Revenue 1360 1X80 

No* Inc 14121 138X 

Per Share 138 LD2 

10 Qmt. 198S 1984 

Revenue 17X9 1693 

Net Inc 173 134 

Per Shore — 0.98 0.76 

Nets Include tax benefits at 
884 million vs 86.1 million. 

Grace (W.R.) . 

10 pour. 1985 1984 

Revenue— 1S80- 1470. 

Nat Inc 353 45.9 

Per Share 077 094 

Nets include sorts at 83X7 
million vs SV.l million. 1985 
net also Includes gain ot 56.1 
million from sale of reserves. 

Houston End. 

10 Quar. 1985 1984 

Revenue 724.9 9303 

Nei inc 77X 61.1 

Per Share 0.77 065 

Hutton (E.F.) 

10 Quar. ms 1784 

Revenue 787.0 597 J) 

Ne» ire- 24.1 13.1 

Per Share— 090 032 

10 Over. 1*85 1984 

Revenue 19737 188.18 

Net Inc 9.96 639 

Per Share 033 oja 

Key Banks 

10 Quar. 1985 1984 

Net Inc — — 1X9 9X1 

Per Share — 035 072 


10 Qear. 198S 1984 

Revenue 353 J 3*6.9 

Opot Law —133X5 

Mfrs. Hanover 

10 Quar. 1985 1984 

Net Inc 100-2 84X 

Per Shore — 231 138 

Per share results offer pre- 
ferred dividends. 

Natl Distillers 

10 Quar. 1985 1*84 

Rovenue 5743 5932 

Oner Net — 2DX J7.7 

Oner Shore- 061 1.13 

Nets exclude losses oi 
stsauuo vs Shi million from 
discontinued operations. 1 984 
net Includes gain ot 88 mil- 
lion. 1984 results restated. 

Nthwest Ind. 

10 Quar. Itas 19*4 

Revenue 317.9 3563 

Over Net — 9 J 17.7 

Ooer Share— 046 035 

Nets exclude losses of SMI 
million vs Sir million, bus of 
134 million and charge olSSA 

Ohio Edison 

10 Qaar. 1985 1984 

Revenue 4534 4205 

Net Inc 9878 83.76 

Per Share 070 066 


1985 1984 

3753 349X 

22.1 21X 

080 082 
1985 1984 

1X80. 94X0 

60-7 45-5 

221 1.71 

13 10ft PGEtfA 1X0 123 
12% ft PGEpfB 1J7 113 
10ft 8ft POEpfD 12S 113 
10% 8% PGEofE L25 III 
10% 0 PGEpfG 1JD TOO 

34ft 27 PGEjrfF 434 123 
32% 26% PGEnfZ 4X4 123 
27 71% PGEpfY 330 1X1 

21% 17% PGEpfW 257 1X2 
19% 15% PCEpTV 2J2 1Z1 
21% 17 PGEpfT 254 1X2 
22ft 17% PGEofS 262 12J 
21ft 15ft PGEPfR 2J7 1X1 
18% 13% PGEpTP 2X5 113 
77ft 13% POEPtO 230 123 

3 12% 12% 12% 

1 11% 11% !!%— % 
554 10ft 10% 10% + % 

10 10% 10% TOH + ft 
2 10 10 10 

21 33ft 33ft 33ft + ft 

11 >1% 31% 31%—% 
304 26% 36% 26% 

25 21 • 20% 21 + % 

4 19% 19% 19% 

20 21ft 20% 20% 

33 21% 21% 21%—% 
S3 17% 19% 794k— % 
in 17% 16% 17% + ft 
II 16% 16% 16% + ft 

lift 6% T Bar 
12ft 7ft TEC 
19ft 5ft TIE 
14% 6% Til 

18% 13 TabPid 

51 1 63 20 32 8% 8ft 8ft— ft 

•We 5 24 21 12ft 12% 12%— % 

14 596 6ft 6% 6%— Mr 

43 5 10 10 10 — ft 

30 1.1 12 7 IBM 10ft IBft + ft 


April 17 

NASDAQ National Market Prlc 

3rd Qaar. 
Revenue — 


Per Share 

7 Months 


Net Inc 

Per Share- 

Pub. Svc Bee Gas 

10 Quar. 1985 1984 

Revenue 1380 1.19*. 

Net Inc 1515 119.9 

Per snare 1.16 0.79 

Rainier Bleep 

10 Quar. 1985 1984 

Net Inc 1456 1127 

Per Share — 074 068 

Republic N.Y. 

10 Quar. 1785 1984 

Net Inc 29J 223 

Par Share 142 1JB 

Reynolds Metals 

10 Quar. 1985 1914 

Revenue 8114 744.7 

Net Inc 7X 22J 

Per Shore — 0J1 133 

lNtSnet includes gain of 825 

Sthwestem Bell 

M Quar. 1785 1784 

Revenue i.too. ijoa 

Nel Inc 264 6 2053 

Per Shore — 266 112 

in fitt 

100* High 1 m 2 F.M.Cfc'ge 

Cooper Tire 

Johnson Controls State Street Boston 

10 Qaar. 1785 1914 

Revenue 11735 13197 

Net Inc 361 4.18 

Per Share — 038 D42 

Crocker Nat’l 

10 Quar. 1985 198* 

Net Inc 9.0ta)i2lX 

Per Share — 039 — 

a: lass. 

Crown ZeHerbadi 

10 Oust. IMS 198* 

Revenue 7 tin 70BX 

Net inc 193 213 

Per Share — 056 064 

Per more results after pre- 
ferred dividends. 

2nd Quar. 1985 1984 

Revenue 3255 3035 

Nel Inc 892 LI2 

Per Shore — D63 057 

_ 10 Half 1985 1M* 

Revenue 7143 6476 

Net Inc 3X7 XI J 

Per Share — 231 331 

Joy Mfg 

2nd Quar. 1985 198* 

Revenue 192.1 1 x 4.0 

Net inc 4,76 662 

Per Share — 036 0J6 

10 Hoff 1985 1914 

Revenue 3711 27X7 

Nel Inc 10,19 1X56 

Per Snare 057 067 

10 Qaar. 1985 1984 

Net inc 1266 1X71 

Per Share — 160 160 


10 Quar. 1985 1984 

Revenue 289.7 2S 76 

Net Inc 466 1X9 

Per Shore— 041 1.10 

1*85 net Includes tax credit 
at 8L7 million. 

Union Camp 

10 Quar. 1985 1984 

Revenue 4*17 *905 

Net Inc 296 423 

Per Share— 061 D67 

Brazil and U.S. 

In Debt Accord 

The Associated Press 

BRASILIA — The govemmenis 
of Brazil and the United States 
reached an agreement to renegoti- 
ate $931 million in debts, a U.S. 
Embassy spokesman said Tuesday. 
The renegotiation was for bills due 
in I9S3 and 1984, the spokesman, 
Don Hauger, said. 

Brazil owes the U.S. government 
about S3 billion and has a foreign 
debt of $100 billion, the largest in 
the developing world. Private U.S. 
banks are owed about 25 percent, 
or more than S25 billion, of.Brazfl's 
foreign debL 

The new agreement calls for refi- 
nancing of 85 percent of the princi- 
pal over 10 years. 

Industrial Output 
Declines in U.K. 


LONDON — Preliminary fig- 
ures show that British industrial 
production fell 0.2 percent in Feb- 
ruary, the Central Statistical Office 
said Wednesday, January’s prelim- 
inary increase was revised to 1 5 
percent from 1 3 percent, it added. 

The Index of Industrial Output 
was 0.9 potent higher in February 
than it was a year earlier, the office 
said. Manufacturing output in- 
creased 0.9 percent in February, 
after January’s fall was revised to 
0.2 percent from 0.4 parent. The 
February index was 3.8 percent 
higher than a year earlier. 

10 5 





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312% 12% 12% 

111 23% 23ft 23ft— ft 
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NASDAQ KoitonoJ Market Prices 

lOfl. W^, Uw a s M.Oi't* 

(Coatinued from Page IS) 

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to 2 2519* 194k IMk— * 

Second-Hand Bevill Ties Topple Arkansas Firm 

ComptltJ h Qut Sufi f ran DispahJta 

NEW YORK — As the ripples 
widened from the collapse of the 
Bevill. Bresler & Schulman compa- 
nies in New Jersey, the president of 
an Arkansas securities linn said 
Tuesday that the firm would prob- 
ably never reopen for business and 
the Arkansas securities commis- 
sioner warned that other compa- 
nies in the state might be affected, 

“It probably is gang to put my 
company out of business," said Da- 
vid Collins, president of Collins Se- 
curities Corn, in Little Rock, which 
closed its doors last Friday. "It’s 
the damdest thing I've ever seen. 
It's like standing on a street comer 
and bring hit by a stray bullet.** 

Collins' financial condition 
could not immediately be learned. 
Bui The Wall Street Journal report- 
ed Wednesday that Collins races 
potential losses of as much as 52 

million, which would wipe out the 
firm’s S800.000 of capital. 

Beverly Bassett, the Arkansas se- 
curities commissioner, said in a 
statement: “Several local securities 
broker-dealer firms might be af- 
fected by the collapse or question- 
able financial states of upstream 
government securities firms." After 
noting the closing of Collins Secu- 
rities, the statement added, “At this 
time, no other firms have voluntari- 
ly ceased operations or have been 
required by regulatory authorities 
io suspend' operations.” 

Ironically, Collins Securities 
never dealt directly with the New 
Jersey companies. Collins said he 
had engaged in repurchase agree- 
ments — a complicated mechanism 
that amounts to borrowing or lend- 
ing money against the collateral of 
securities — with a Chicago com- 
pany. Brokers Capital, which had 

then engaged m similar agreements 
with Bevill, Bresler. 

With the collapse of Bevill, both 
Brokers Capital and Collins Securi- 
ties suddenly found themselves in 
trouble. Collins said he faced Sll 
million in obligations, far more 
than his capital, but he said his 

customers were insured. 

Someone who answered the tele- 
phone at the office of Brokers Cap- 
ital and an affiliate. First LaSalle 
Services, declined to give any infor- 
mation or even say if the compa- 
nies were open for business. 

Meanwhile, lawyers and accoun- 
tants in New Jersey continued to 
investigate the finanaal position of 
the Bevill, Bresler companies. 
Howard S. Greenberg, a lawyer 
with Ravin, Greenberg & Zac kin. a 
firm that is assisting the bankrupt- 
cy trustee and receiver, said that 20 
or more small companies and part- 
nerships had been discovered to 



Cdl or wn* for frfee codoa 
Km 12011 

RartwrfMi AWLHo&mf 

Tel JO 1£ft2»77 
T«Im 25071 EPCAR fe 



doty by idtocUad oHme*. m US dot 
len, irdjcfcngCH oourior: .Montreal- 
/Toronto; 380, CKcago 481. LA- 
/Fratac 515. Houmn 568. 
Vancomwr- 510. Ro- 6*2, Lnno- 610. 
Matbu Travel, Damrak JO. Tef- 20- 
274041, Anvterdom. T«ta: 14635 Nl 


* WipefuHT 


(Continued From Back Page) 


have affiliations with the BevilJ, 
Bresler group. 

The court-appointed temporary 
receiver, Richard Hill, announced 
Tuesday that most of the 400 sala- 
ried employees of Bevill Bresler &, 
Schulman Inc. were fired. 

The brokerage firm is an affiliate 
of Bevill Bresler & Schulman Assqi 
Management Corp-, the securities 
dealer placed under bankruptcy ad 
protection from creditors earliei 
this month uhile it reorganizes. 

The Securities and Exchange. 
Commission has alleged in a com- 
plaint that .Asset Management and 
four affiliates misrepresented Asset 

Management's financial obliga- 
tions and failed to disclose that the 
securities dealer could not meet 
some of its obligations. 

Attorneys for Asset Manage- 
ment's trustee Saul Cohen have 
said money owed by the firm may 
exceed SI 98 million. f\>T. AP\ 


HONG KONG (K-3) 723 12 37 
wphiiiicated araan i a a . 

NEW YORK V.LP. Young lady com 
pmion. [?!?] 3556642. 


I Yam Anniversary 

Spaaat erm *w fm 
void May 7* • Lne 7lh 

F 1,790 

_.F 1.790 



For 8 panoa m 4 double ui*a * 

tea from of largest fWc 

Aoanean meneqemaw. ExoeSert 
om. god. bonded. Vatef Yadax. 
All ThemafoUeoui 22C. Praeui. 
Greece. TeL 4529571, 4529466. Tbc 
21-2 tm USA offices; fir Road. Am- 
bler, PA 19002. Tab 215 641 1624. 



PA/ Interpreter & Tourism Grade 

PARIS 562 0587 

** PARIS 553 62 62** 

tTstnguotad Gegont. MiMnguoL 


Very edu oaad . & HinguaL 

* PARIS 527 01 93 * 


TOKYO: 442 39 79 

Ewopeon young tody companion 

PARIS 704 IO 27 

lady gygpcgan TeJ: 623 6615 

WEST DAMAN LADY Companion Tek 
London 3B1 9847. ^ 


triLraua! PA. 500 89 71 

01-245 9002 AirporR/T ravel 


MaWEngMl PA. Pais: 525 81 01 

Ptnond AHUM 03-456-5539 

HONG KONG - 3-620000 Young 
tody (Aaan/WMtentl Companon ■ 

747 59 58 TOURST GUIDE. Para, 
an party 7 an., nednab. hJ t travel 

SOPHSnCAIH) Young Mon Compon.' 
«jn London/ Heathrow 01 385906- 



TEL 200 8585 

— * 

+ w 
— * 

— * 

— * 

+ 11 * 

+ * 

+ Vi , 

±8 XK 


TEL: 937 9136 OR 937 91 $3 
AR tnefor eraefif ends ac ce pted. 


Undon Escort Siivict 
128 W^nore S»„ London W.l. 
All nc|or Gedt uvdi Accepted 
TeL <37 47 41 f €4 3 
12 naan - inrinjght 
































2S2 I 
171 44* 
341 14* 
94 7* 
S to 

!S M * 

1W4 4* 
130 * 

21 2* 
44 23* 
74 25 
9 Tl* 
10 1* 
35 3* 
t V* 
24 7 

7H 7* 
n* ii* + * 
4* 4Vfe 
TO* 10* 

14* 144* 

2S 27 - * 
IS* 15* 

34* 37 — Ife 
19* 20 + * 

24* 24*— * 
17W 13* 

7* 7* 
rni 1! 

•to 9M 

,4 * 14 9W 

111% If*— 1% 
4 4H + 4* 

is £ u ^je 

2* 2tfe— Ife 

25* 25* + * 

11* 11* — * 
10* II*- * 
144 14% 

11* TI* — * 
3* 3H 
17* 17* 

30* 31* + * 
4* 9* 

7 7 — * 

TEL 212-737 3291. 


Td: 736 5877. 




SmedtWe EmoH A Guide Service 
Mtde A Feet Me. Tel: 01/56 96 92 


TEL- 411 72 57-259 61 96 


Teb 01/252 61 74 


C efi n e Escort Service 
McJeA Femrie. Teb 022/36 25 21 

vice. TeL 0) 229 0776. 

Tel: 2503496. CREDIT CARDS. 


SHE Escort Service. 227837 

& Gude ServiaeTelr 06/589 2604- 589 
1 146 {fan 4 pm to 10 pm) 

TB: 29 51 30 


SERVICE. T«fc 46 11 58 

■eeetvMfcae WEBCBO + TSAVB. 
TH: 31 49 87 

escort sanna 
TH: 022/86 15 95 


51 Beauchamp Place, London SW3. 
Tet 01 584 6513/2749 J4.12 pm) 


ESCORT SERVICE. 020066655 



TH_- 01/363 08 64 

BOOST SStVICE. 385 3S73. 

Heathrow. 1 Gotvnck. TeL B34 7945. 

Guide Service. TeL 91 23 14 

v«l TeL 022 / 31 36 73. 

nUNXHJRT - ANNFS Escort Swvca 
TeL 069 / 28-81-03. 

ESCORT SOVICE. 020-954344 


SVICE: 02/69762402 

TeL 0711 / 262 11 50. 


Qristinq'iEKPrt Service. 059/364656 

and Travel Service. TeL 069/44 77 75 

Tet 283097. 

Service. TeL 68 34 68. 

TeL K>30) 326420 or 3401 10. 


vice. TeL 54 17 42. 

wee Tel: 07 821 0627. 

Service. TeL 311 79 00 or 311 79 36 

02244-1191 or 722-432. bH mdmghL 

77!vTT77^4V nv . , 

EggaiEaga aaEM 

don 01 381 6278 

vice. 069/596052 

Tel: 72 41 107. prom 6 am. 

vice Tel: 4011507. Oed! Cards. 

Service. MuMmgual. 261 41 42 

222785. COO-944530. 02997-3685. 

TeL 01-373 8849. 




12 * 

7* 7* 

JTU 37V, 
20* 30* 
9* 9* 
IT* 11* 
II* 11* 11* 
4* a* 4* 
5* 5* 5* 

4* 4* 4* 
10* 91% 91% 

7* 7 7* 

7* 17* 17* 

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ll*IUH[lk'l ■•lllllllB 

UiinmuMf ■ i »MWMMa, 

Viaymi ■ i iff/itmiii iim/*, 


A Conference on 
Trade and Investment 

Budapest, June 13-14 1985 . 





191 4* 





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The International Hereto! Tri- 
bune conference on ‘Trade and Invest- 
ment Opportunities in Hungary” wiH be 
of keen interest to any executive con- 
cerned cixxjt future economic refahons 
between East and West. 

Speakers at this landmark 

conference will include Hungarian 

government ministers, business leaders, 
bankers and economists. 

For further information, 
please contact the International Herald 
Tribune conference office, 181, avenue 
Charles de Gaulle, 92521 Neuffly Cedex, 
France. TeL: 7471265. Telex; 613595 F. 

* [p:rv« 





























































52 . 






















HAVE you found 





The Untold Story of Kim Philby’s 
Biggest Coup 

By Nicholas Bethell 214pp. £9.95. 

Hodder and Stoughton, 47 Bedford Square, 
London, WC1. 

Reviewed by By Joseph Fitcherr 

V -v STEAK/' ' 


1 park, 

: Colo, 
v 6 Strong winds 
* 11 Nos. mail 
14 Reprimand 

; 15“ for 



Ll6 Part of a trip 
; -17TheU.S. 

; Congress 
.20 Hortatory 
r '21 Deflect, as 

23 Done, to a 

25 Curare 

26 Anent 

28 Precursors of 

32 "Here’s 1” 

35 sweet 
is love itself 

38 Bar stock 

39 throw 



41 Memorabilia 

42 Revels 

44 prunes 

‘■46 Unrefined 

47 Anagram for 

48 Top cards 

50 Discoverer of 
six comets 
54 DoC.C.C. work 
58 "War and 
01 Sweet drink 
62 The State 

64 Needlefish 

65 Speech form 

68 Type of toast 
67 Unit of energy 
B8 Flavorful 
89“ a 

Grecian Urn”: 

1 signum 

(see the proof) 

2 Humbug 

3 Big trouble's 

4 Bulldog, for 

5 order 


6 Waistcoat 

7 Berliner's 

8 Hideaway 

9 Perry's 

10 Word with 
Z1 Stainless 
12 Peter's 

13 Prized marble 
18 Hen’s product: 

Comb, form 
22 Get one’s goat 
24 Contested 

26 Not in 

27 Type of 
performance ' 

29 Euripides 

30 Compass pts. 

31 Not a bill prof. 

33 Mythical Aztec 

34 North Sea 
feeder . 

36 Knife of yore 
87 Art cult 
49 Corp. officers 
43 Indifferently 
45 Landed 

48" to Live” 

49 Coniferous 

51 Set of names: 
Comb, form 

52 Collar 

53 Fermi’s 

55 aide's" 


56 Pop 

57 Protection 

59 Bindlestiff 
69" — with 

seven wives” 
63 Received 

l STEAK ! t-' 


S INCE the Iron Curtain divided Europe 
after World War a the West has made 
only one known attempt to subvert a Commu- 
nist regime In Eastern Europe by force of arms. 
It was a joint U. S.-Bridsh operation to start a 
guerilla war in Albania, which turned out to be 
one of the great Western intelligence disasters 
of the post-war era. 

Between 1949 and 19S3, first the British and 
then the U.S. secret services armed and 
trained Albanians to serve in an anti-commu- 
nist resistance movement against the regime of 
Enver Hoxha, leader of Albania from 1944 
until his death last week. 

The operation was betrayed from the outset 
by Kim Philby, the Soviet masterspy. 

Alb anian government forces were waiting 
for the guerillas as they entered the country, 
almost all were captured and made public 
confessions. Thousands of Albanians were tor- 
tured, condemned to forced labor or executed. 
Hundreds are still in prison. 

In the first detailed account of the Albanian' 
venture, “The Great Betrayal: The Ihitold Sto- 
ry of Kim Phflb/s Biggest Coup,” Nicholas 
Bethell says that the operation continued even 
after Philby was suspected because of bureau- 
cratic momentum. 

It was a peculiar historical moment The 
Cold War was starting, and British and U.S. 
officials — many of whom had seen Soviet 
repression firsthand while they were operating 
behind Nan lines with partisan forces in 
World War II — decided mat Albania would 
start the rollback of Soviet power. The Albani- 
an insurgency was the centerpiece of the West's 
attempt to regain the initiative in the Cold War 
that had begun the year before with the Soviet 
blockade of Berlin. 

Bui these men resorted to the methods they 
knew from wartime experience, without modi- 
fying them to reflect the changed political 
conditions of peacetime. This time, no official 


SOUR.. LAUGHING lasa&na. J 

chucklecake..." A 

© New York Time & edited by Eugene Maleska. 


“The reason i like turtles best is because , 


0 by Henri AmoW and Bob Lee 

Unscramble these four Jumbles. > «. 

one letter to each square, wlonn ggOQon n / its all 
four ordinary words. ( owr for 

r— *— — — — C ‘'W° o I v- \ mo . 






Now arrange me circled fetters to 
form the surprise answer, as sug- 
gested by the above cartoon. 

Answer at! 


(Answers tomorrow) 

Answer What a person who spends too much time 

studying ceramics might end up as — 




■ ■ ~‘ . l . ' HIGH 

C F 

Algarve 23 73 

Amsterdam 11 52 

Athens 22 72 

Barcelona 19 66 

Belgrade 10 50 

Berlin IS S9 

Brussels 16 61 

Bucharest 15 59 

Budapest 16 el 

ConeflMaen 13 55 

.Costa Del Sel 24 75 

Dublin 14 57 

• E Bin Borotl 16 57 

■ Florence 20 6 S 

■ Frankf u rt 14 St 

Geneve 15 59 

Helsinki B 66 

Istanbul 15 59 

■'Las Palmas 24 75 

Lisbon 25 77 

London 15 57 

Madrid 33 73 

Milan IB 64 

Moscow 6 43 

Munich 10 SO 

.Nice 20 68 

Oslo 8 46 

Paris 18 64 

Prague 9 48 

Reyktavlk 5 41 

Home 71 »0 

. Stockholm 8 46 

Stnnmnrg IS 59 

Venice 18 64 

Vienna U 52 

' Warsaw 13 55 

Zurich 14 57 


Ankara 26 79 

Beirut 30 86 

.DWKHCH 32 90 

Jerusalem 32 90 

Tel Aviv 34 93 


C F 

13 55 fr 

5 41 Cl 
16 61 lr 

■ ii lr 
8 46 r 
l 34 lr 
8 46 a 
83 46 o 

6 43 d 

•1 30 O 
80 46 fr 
10 50 o 
■I M Cl 

10 50 fr 

3 li lr 

1 U tr 

-1 30 cl 

8 46 Cl 

18 64 fr 

14 57 lr 

7 45 d 

3 37 fr 

5 41 tr 

4 39 a 

2 36 fr 

11 52 lr 

1 34 fr 

9 46 fr 

-1 30 a 

2 3 e r 

12 54 Cl 

-2 28 r 

5 4) fr 

6 43 fr 

5 41 0 

2 36 tr 

6 43 fr 


C F C F 

Bangkok — — — — no 

Belling 21 70 14 57 a 

Hong Kong 25 77 19 66 cl 

Manila 33 «1 76 79 si 

New Delhi 37 99 23 73 fr 

Seoul 11 £3 8 46 O 

Shanghai 21 70 15 59 fr 

Singapore — — — — na 

Totael 26 79 18 64 tr 

Tokyo 18 64 14 57 o 


Algiers 22 72 10 50 fr 

Cairo 28 82 17 63 fr 

COM Town 18 64 15 57 d 

Casablanca 28 K 8 46 tr 

Hararo 22 72 16 61 tr 

Laaos — — — — no 

Nairobi 21 70 15 59 el 

Tools IS 59 12 54 sh 

Buenos Alias 23 73 15 59 fr 

Lima 24 75 19 66 fr 

20 68 9 48 fo 

Bto de Janeiro 29 84 18 64 

son panto — — — — no 


5 41 fr 

17 63 fr 

16 61 It 

17 81 fr 

12 54 lr 

Auckland zt 73 10 66 sh 

rSVdnoy 30 68 13 55 d 

. d-doudy;,k>-f099Vi lr-fnlr; n-flali; 
. cloudy; r-raln; sh- showers; legiw; 

Anchorag e 








kos Angeles 



Moot real 


Now York 

San Franc! see 
no- not ovollohle; 

4 » -2 
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13 55 6 
20 48 3 

28 82 8 

17 63 0 

28 82 21 
29 85 12 
20 68 -2 
27 81 18 
19 66 5 

18 64 8 

a a 20 
M 61 6 
18 64 11 
16 6 ! 6 
25 73 8 

18 64 7 


41 PC 
46 DC 
68 fr 
43 tr 
53 « 
43 Cl 
40 PC 
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knn .21 -7 178 - 45 ). PARIS: 
Ip. 20— 13 168 — 541 . TEL 
lr. Toms. 17 — 6 (63 — 431 , 
p — 25 (91 — 77 ). SEOUL! 
ntttrsforms. Tomo. 32—24 


my “Merry 
v MENU" 





[ MATE ) 

• FLO S 



Western involvement with the res is tan c e could 
be allowed io surface. No official Western air- 
cover or naval power to back up the “pines," 
as the Albanians who infiltrated their home- 
land were known. 

The fiasco apparently convinced Western 
governments that they could never envisage an 
Insurrection behind the Iron Curtain with 
these methods and these constraints. 

It was a crucial secret turning-point in Easi- 
West history. BethelL a British peer who is a 
Conservative member of the House erf Lords 
and the European Parliament, managed to 

reconstruct the episode, largely by interviewing 
Albanian survivors, who defied CIA orders in 

Albanian survivor* who defied L1A orders m 
mitring to him. Officially still secret, the Alba- 
nian operation only surfaced in the West be- 
cause Philby, in his post-defection memoirs, 
gloatingly gave bis version of it 
Bethel! is successful in recreating the mood 
nf the times, avoiding the trap of ladle indis- 

NS Daky MVtw Mampap-fV Lkf . -A |9 

LbrNawtAiowtcaSvnglcaia 7 W. w 

Solution to Previous Puzzle 


vtm user? TiT-ntep mxMm vft\omci 




deide aaa □□□□ 

□odd aaana aaaa 

□□□□ EiaaaQ naan 
CDCQQaaaaaaa □□□ 
aaaaa ooaaaa 
Hnnanaa aaaaa 
Doama □□□□ □ana 
QE3QDQ aaa aanna 
qgjqd aana aaaaa 
□□Baa anaaaaa 
DEnaaa aaaaa 
ana aaaaaaaaaaa 
□dqq aaaaa aaaa 
odqd aaaaa aaaa 
□aaa aaa aaaa 

of the times, avoiding the trap of facile indig- 
nation about Western skullduggery in the cold 
war seen comfortably from the 1980s. ■ 

He compellingly evokes the emotions pro- - 
p olling influential Britons and Americans. 
Typical was Julian Amoy, who later satin the 
British cabinet. Amery. who had served with 
the Albanian partisans, was ashamed at the 
way Britain at the war’s end had let down the 
Albanian royalists, handing over Albania to 
the Red Army-backed Communist partisans. 
(That camp aign is vividly recalled in a new 
book by another key British spedal-force&sbL- 
dier, “Albanian Assignment” by David SmDey, 
published in London by Chatto & Windus.) 

Many British decision-makers were nostal- 
gic for this bit of the Balkans, where Britons 
had played the great game for nearly a centurf. 
This romantic era, which subsequently provid- ^ 
ed the raw material for a generation of heroic r 
British thrillers, is definitively reconstructed by • 
Margaret FitzHerben in her book, “The Man 
Who Was Greenmantle, n which has just been 
issued in paperback by Oxford Unversity 

U. S. officials, who took over the Albanian 
operation, were readv to start paying the coo- 
temporary version of the great game with the 
Soviet Union. 

BetheU's title, “The Great Betrayal” refers 
to Philb/s treachery, but it also covers another 
act erf betrayal: the exploitation of the Albani- 
an nationalists' patriotism by Western Leaders 
eager to catch the Kremlin’s attention. 

Stalin was helping Communist guerillas in 
Greece: He had crushed democracy in Czecho- 
slovakia, ignoring his pledges at Yalta. He was 
threatening Yugoslavia. Stalin needed, U.S. 
and British leaders fdt. a lesson calculated to 4 
warn him off fresh aggression. 

Officially, the operation ended with the 
death of Stalin, but it was already defeated. 
And the liberation of Albania had long since 
disappeared from view. 

“We were a small part of a big game, pawns 
that could be sacrificed,” Bethell quotes a 
survivor as saying. This kind of duplicity fits 
the rules of the underground wars described by 
thriller writers such as John le Carre. 

But anyone reading the book is bound to 
come away asking how far the questions it 
raises might apply to Western policy toward, 
say, Afghanistan or Nicaragua. 



Joseph Fiichea is on the staff of the Interna- 
tional Herald Tribune. 

cLl -i V: 


By Alan Truscoct 

T HE North-South hai^s 
shown do not Quite justify 

shown do not quite justify 
a game contract, but North 
had confidence in his partner. 

Having responded two dia- 
monds to one no-trump, a 
transfer response showing 
heart length, one would expect 
North to pass. However, he in- 
vited game with a bid of two 
no-trump, and South with a 
maximum hand, naturally ac- 

The normal spade opening 
lead would have given away a 
trick, and West made a good 
decision by leading the safe 
diamond jack. South allowed 
the king to win, won the dia- 
mond continuation and was at 
the crossroads. 

The obvious move was to 
play the strong club suit, but 
the contract would be virtually 
hopeless if the defense proved 





V 7 ?MWW ?5 ISJlSBSUwtadFMlOTSyniflciM.Int 

able to hold up the ace until 
the third round. Even if the 
chib proved to be a singleton 
or doubleton, there would be 
only eight sure tricks. 

South decided to play 
hearts, on the surface a less 
promising suiL After leading 
the ace and another, with a 
duck from West, he made the 
right percentage play by put- 
ting up the queen from dum- 
my. This was due to gain 
against a doubleton or triple- 
ton jack on his right, whereas 
the ten would gain only against 
a tripleton king. 

When the queen won, the 
right play was still far from 
clear: West might have held 
both missing Heart honors. 
South made the right decision 
by perservering with hearts, 
and when West won he contin- 
ued diamonds, driving out the 

When the club queen was 

led and overtaken with the 
king. South could not be pre- 
vented from making nine 
tricks and his contract. Actual- 
ly, East misdefended and al- 
lowed the declarer to score an 



SQ 10962 
0 82 


as 5. 111 ssT 

OJ1M5 0 K.63 

*7 4> A943 



O AQ74 


Neither sMe we s vulnerable. Tba 

Smh ' Wen North East 

IN.T. Pass 2 0 Pass 

2U Pass 2N.T. Pass 

3N.T. Pass Pass Pass 

West led ihe diamond Jack. 

Wbrid Stock Markets 

Via Agence France -Presse April 17 

Closing prices in local currencies unless otherwise indicated. 

Cm* Fra* 

Sondvik 390 N.Q. 

SfcansJia 90 90 1 

SKF , 217 213 1 

SwgdfiUMafch 226 220 1 

'Volvo 250 249 

Cine Fr*r 

Toshiba 391 391 

Tovoio mo raw 

Yoirralchl Sac 757 778 

AftoersvoericJefi Index : 39550 
Previous : 1HM 

JUUwUD j. index : 1230206 
Previous : 12397.75 

New Index ■ J 53 .W 

Previous : 994 jg 


ACF Holding 





A'Dori Rubber 
Amro Bonk 

Buenrntann T 

Caland Hlda 



Gist Brocades 





Not Nedder 


Oce Vendor G 




Rada men 



Royal Dutch 
Von Ommeren 
VMF Stark 

Close Pre*. 
Karstodi 214 213 

Kaufnof 228 229 

Ktoechnar H-D 25150 249 

Kloeck ner Werke 7120 7140 

Knigp Stahl 108 10180 

Linde 426 418 

Lufttransa 191 193 

MAN 151 151 

Mannesmann 165 JD 163 

Metaligeselischafr 265 264 

Muench.Rueck 1240 1340 

Preuisaa 275 275 J 0 

Ruetosrs-Werke 347 343 

RWE 159.90 1 S 7 . 9 Q 

Scherlng 472 47150 

Stamens S45S0SO50 

Thvssen 108.50 100.40 

Varta 184 183 

Vrta 184 JO 

VEW 128.20 128.10 

VaUuwaoenwerlt 20360 20330 

Coainwrxbank index : 122920 
Previous : 1214 J 0 

Cocker! M 

E 8 ES 







Petrol loo 

Soc Generate 



Troctton Elec 


Vlellta Montagn* 

Bk East Asia 
Cheung Kong 
China Light 
Cross Harbor 
How Seng Bank 
HK Electric 
mk Hotels 
HK Land 
HK Shanghai 

HK Telephone 
HK Wharf 
Hutch Whom 000 
Jaraine Mam 
New World 
Shaw Brothers 
5 HK Proas 
Slme Darbv 

Swire Pacific A 
Wheeloac A 

Woria infl 

2360 2 X 50 
15 JO 1620 
157 ® 1 SJ 0 
9.95 9.90 

4 AM 45 
7.90 105 

34 14 J 3 
3 JO 560 


72 73 

6.15 6 J 0 
2 X 50 2190 
11 J 0 1160 
1160 1160 
660 6 JO 

360 3-325 
10.50 1060 
625 610 

1 J 0 165 

74.10 24.58 
7 JO 7 JO 
Susa. — 
4JS 4.75 
2.10 2075 

J Air LioukJe 
AKTbom AH. 

I Av Dassault 
Banco I ne 



B 3 N-GD 

Carr ef our 

Cher oeurs 

Club Med 




Europe 1 

Gen Eaux 

Hoc he tie 

La la roe Cob 








mom Hennessv 


Pernod Rlc 
Petrotas (He) 
Printeni p s 
Roussel Udaf 


Skis Rousl pno l 
Thomson CSF 

212 212 
278 278 

440 440 

632 646 

315 311 

238 248 

380 375 

380 380 

270 275 

630 634 

304 304 

718 719 

314 314 

2TO 3W 
321 329 

180 182 
102 93 

438 447 

465 475 

540 520 

420 630 , 

175 175 

27 27 

IS 140 
357 3 S 

Bank Leu 
Brawn Bovgrl 
Ciba Go lor 
Credit Suisse 

Georg Fischer 

Current Stack ledge : 2234 Ji 
Prgvious : 2233,97 


Bunco Comm 
Cent rati 
Cl go holds 
Crad I 9 al 

F insider 


Jacob Suchara 
I Landis Gvr 
Roche Baby 


Close Pre*. 
6290 6300 
1 U 0 1930 
1665 WHO 
6400 6380 
1440 1450 
mm 8675 
7850 7975 
4010 4010 
371 370 

358 357 

1070 1058 

Canadian stocks m AP 

5 wjja Reinsurance 10450 10450 

Swiss Volksbanfc 1430 1425 

Union Bank 3750 3720 

Winterthur 4435 d*G0 

Zurich Ins Mum mm 

SBC Index : 43460 
Previous : 4XL28 

f N 63 .j not quoted; njl: not 
[available; xd: e*dlv<dena 

House Clears Export Bill 

The Ajsoaaicd Press 

WASHINGTON — The House of Representa- 
tives has approved a four-year extension of U.S. 
government authority to control exports of high- 
technology and other products but acted to loosen 
restrictions amid complaints that U.S. manufactur- 
ers are being crippled by efforts to keep the goods 
out of communist hands. 

The measure, passed Tuesday, goes to the Senate, 
which approved a different version two weeks ago- 

13879 MoiSMi At 
pa Mo Ison B 
1800 Murphy 
1050 Nabisco L 
28587 Noronda 
11444 Moreen 
69440 NVO AIIA f 

4*589 NuWst spA 

2100 Oak wood 

,gfl4 Pamour 
l®J7B PartCan P 
75515 Pembina 
TOO PhonlxOll 

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400 Pravtgo 
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TOO Ram Pal 

5 SS f 

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230 230 

S3AV. 2 Ah 
42 S 420 

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515ft 1 SH 
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Aggfl index : 20 ASf 
Previous : 2 W 22 
GAC index : 214 J 8 
Previous : 214 jg 

Crfd s Storage 

How Par 
inch cone 
Kgpael Ship 
Mai Banking 
0 C 9 C 

in the Trib. 

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Slme Darby 

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world business trends in 

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522 * 22 * 
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CkM* Previous 
164670 2429 J 0 

I?'* *??:'■■ 



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Alia Caeca 
Elect rain 


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> 26* 26%+ ft 
1 16ft 16* 

1 ii* mi- ft 
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1 19* 19ft— ft 
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inrhKinflts Index: 



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Page 21 

1 royalists. ha^S^ln 

Army-backed CoSt^ *C : 
anpaign is \iv,d£ mmuni aJS 
Moih«keyS b ^^ 
banian AsMgnmS-?®«H(ii; 
d m London by ck ■' 


bts bit of the bJES*****! 
ed the great ganWo?„ ^ £ 
lamic era, w£e£ su&J 
lirillers, is definitively ^ 
a RtzHerben in her 
as Greenmande." 

r -WorT{l^ 

a paperback by 

officials, who look over 
>Q. were ready to suin' 
iy version of the 
inion. egreai Same^. 

U's title, “The Great r« 
y’s treachery, bui ii 

-traval: the exploitation^^ 

'iiahsts patnotism by VtvSc 

catch the Kremhn-sa^^ 
helping CommuiS i 
He had crushed democracvS' 

.ignoinghis pledges a® 
atig VugosW Sulla atStf.‘ 

m off fresh aggression. ** i 
iallv the operation ended «.' 
f Sialrn, but ii was already & 

: liberation of Albania had |«^! 
area from view. • • 

were a small part of a bis urn - 
uld be sacrificed." Bethdi 
■ as saying. This kind of dj* 
i of the underground aarsdocpw 
writers such as John le c«t “ 
mvone reading the book is !>* 
way asking how far ihe 
light apply to Western jKifacv to; 
jhamstan or Nicaragua 

b Fiii'kei: is on the stuff of ihe kr 
(eruld Tribune. 

Islanders Nip Capitals, 2-1, to Complete Comeback 

.. . . 

Ih* AukuIkI Ami 

Toby Hurrah, here the middleman on a double play that forced Garth lorg on the front end, 
had an RBI double to help Texas beat Toronto, <M, for the Rangers 1 first victory of the year. 

Tigers Win Sixth in a Row, 2-1 

i'nvpiftd b? Our Stuff From Dnpaltha 

LAN DOVER, Maryland —The 
New York Islanders completed the 
first comeback ever from a two- 
gome deficit in a five-game Nation- 
al Hockey League playoff series 
with a 2-1 triumph over Washing- 
ton here Tuesday night, while Que- 
bec and Montreal set up an intra- 
provincial battle with lace 
game-winning goals against Buffa- 
lo and Boston, respectively. 

Second-period goals by Anders 
Kallur ana Brent Suiter gave New 
York goalie Billy Smith the work- 
ing margin he needed against the 
Capitals in their Patrick Division 
semifinal. Smith, always tough in 
the playoffs, finished with 39 saves. 

The victory sends ihe Islanders, 
who won four consecutive Stanley 
Cup titles before losing to Edmon- 
ton in the finals last season, into the 
best-of-sevco divisional finals 
against the Flyers; the series will 
open Thursday night in Philadel- 

Craig Laugblin lost the puck at 
center ice and Kallur beat goalie 
Pat Rjggin on a breakaway, snap- 
ping a scoreless tie at IQ;0S of tnc 
second period. New York, which 
had lost five previous road games 
in playoff competition, nude it 2-0 
at the ! 6:56 mark when Sutter took 
a backhand pass from Mike Bossy 
in front of the net and shot between 
Riggin’s legs. 

Bob Carpenter, a 53-goal scorer 
for Washington during the regular 
season, got his first goal of the 
playoffs— and the Capitals' last — 
29 seconds before the end of the 
second period. 

New York dismissed Washing- 
ton from the postseason for the 
third straight year. “We wouldn't 
do anything different except win," 
said Washington's coach, Bryan 
Murray. “To say that we're disap- 
pointed is an understatement. 
There must he something with Billy 
Smith that gets to us every playoff 
season.” It was Smith's S8ih career 

playoff triumph, an NHL record, comeback, scored unassisted with 
“For three years," said losing 1:09 left to lift the Nordioues to a 
gnalii* Rjggin, “we’ve been coming 6-5 decision over Buffalo. Winning 
up with excuses — that we're a the series, 3-2, Quebec will open the 

young dub. That doesn’t hold wa- 
ter any more.” 

CwyuBgny 1, Bruin* 0 

In Montreal, Mats Naslund 
scored with 51 seconds left to lift 
the Guudiens to a 1-0 victory over 
Boston in the deciding fifth game 
of their Adams Division semifinal. 

Naslund took a pass around the 
right boards from Mario Tremblay. 


skated around defenseman Mike 
O'Connell and slithered the puck 
under sprawling gcultender Doug 

The last lime the Bruins beat the 
Cunadiens m a playoff scries was 
1943; since then, they have lost IS 

With six seconds left in the game 
and Boston playing with an extra 
attacker, goalie Steve Penney 
blocked a hard shot from the slot 
by Ray Bourque and went to his 
knees to smother the rebound. 
“Penney saved his best save for die 
last shot of the game." said Sin den. 

Boston outshot Montreal by 10-5 
in tlie final period, forcing Penney 
to make a sliding save on Bourque's 
slapshut with 9:33 left and u chest 
save cm a wrist shot by Butch Gor- 
ing with 7:34 to go. 

The scoreless first two periods 
featured hard hitting and key saves 
by both goal tenders. The Cana- 
diens outshot the Bruins, 14-4, in 
the second period, as Keans made 
spectacular saves on Tom Kurvers 
and Ryan Walter and slid out to 
stop a hackhander by Mario 
Tremblay, sent in alone by 

Nordiques 6, Sabres 5 

In Quebec City. Brer.t Ashton, 
capping a three-goal third-period 


s until 
if the 
uld be 

a less 
wih a 
de the 
y pul- 
: dum- 
> gain 

a. the 
• from 
s heid 
iu: the 

led and overtaken nr 
king. South amid mv 
vented from maliti ; 
tricks and his toninat, 
iy. Easi misdrieoded x 
lowed ihe declarer i»' 


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Compiled In Our Stuff Fnm Dupuuhe 

DETROIT — Six games into the 
1985 season, the Tigers are again 
threatening to run away from the 
pack in the American League East 

“I don’t think anybody is think- 
ing about that," said shortstop 
Alan Trammell of Detroit's possi- 


bly equaling its start of a year ago. 
“I don’t think anybody believes we 
can go 35-5 again." But it was 
Trammell who lined Ray Burris's 
fifth-inning fastball into the left- 
field seals for the deciding run in 
Detroit’s 2-1 victory over Milwau- 
kee here Tuesday night. 

The Tigers, who won their first 
nine in 1984, are the only unbeaten 
team in the major leagues and look 
as good last year's squad, if not 
better, "i don’t know if you can 
really compare,” said catcher 
Lance Parrish, “but we seem to be 
doing what it takes to win." 

“Nobody is going to lay down 
for them,” said Burris. "They’re 
just playing ball like they did last 

Burris allowed six hits in his 7ri 
innings, but Walt Terrell, gaining 
his first American League victory, 
gave up just three hits. Reliever 
Aurelio Lopez retired all seven bat- 
ters he faced, earning his second 
save and stopping Milwaukee's 
four-game winning streak. 

Yankees 5, White Sox 4 

In New York, Don Baylor's 
ninth-inning home run off reliever 
Dan Spilner lifted the Yankees past 

Chicago, 5-4. In the (op of the in- 
ning. left fielder Ken Griffey had 
robbed Ron Kittle of a homer to 
preserve the 4-4 tie. 

Indians 6, Orioles 3 
In Cleveland, Julio Franco drove 
in three nuts to help the Indians to 
their first victory of the year. 6-3, 
over Baltimore. Brett Butler had 
three hits and scored twice for 
Cleveland, while winner Vem 
Ruble scattered five singles, struck 
out seven and walked one in his 6W 
scoreless innings. 

Rogers 9. Blue Jays 4 
In Toronto, Don Slaughi and 
Pete O’Brien each tripled m a run 
in a four-run fifth that led Texas to 
its first victory of the year, a 94 
decision over the Blue Jays. All 
nine of the Rangers' starting bat- 
ters drove in a run, and eight of 
them scored. Winner Mike Mason 
worked six innings; Dickie Ndes 
pitched three innings for his first 
save since 1980. The loss was only 
Toronto’s second in nine home 
openers and its first in three years. 

Royals X Red Sox 0 
In Kansas City, Missouri, Danny 
Jackson pitched a three-hitter and 
Steve Balboni hit a two-run home 
run to make the Royals 2-0 victors 
over Boston. 

A's 9, Mariners 7 
In Oakland. California, Bruce 
Bochte’s two doubles drove in three 
runs and paced the A's to a 9-7 
defeat of Seattle, the Mariners’ sec- 
ond straight loss after six season- 
opening victories. 

Mets 2, Pirates 1 
In the National League, in Pitts- 

burgh, Ron Darling and Jesse 
Orosco teamed on a one-hitter and 
Keith Hernandez hit a ninth-inning 
sacrifice fly to give New York a 2- 1 
victory over the Pirates. Darling, 
who gave up Johnny Ray's single 
leading off the game, left the game 
in the eighth after walking Sixlo 
Lezcano and Joe Orsulak. Orosco 
walked pinch hitter Lee Mazzilli to 
load the bases: one out later Bill 
Madlock grounded into a force- 
out, allowing pinch runner BUI Al- 
mon to make it 1-1. 

Cubs 1, Phillies 0 
In Giicago, Bob Dernier's one- 
out single in the 10th scored Larry 
Bowa, Wring the Cubs past Phila- 
delphia, 1-0. Complete-game win- 
ner Dennis Eckersfey scattered five 
hits and struck out II. The loss 
dropped Philadelphia to 1-6, its 
worst start in eight years. 

Reds 2, Braves ! 

In Atlanta, Eric Davis's sixth- 
inning homer was the game-winner 
in Cincinnati's 2-1 squeaker over 
the Braves. Mario Soto, scattering 
seven hits, went the route for the 

Padres 2, Giants I 
In San Diego, Andy Hawkins, 
Craig Leffens and Rich Gossage 
combined on an eight-hitler as the 
Padres nipped San Francisco, 2-1. 
Hawkins (2-0) went the first 6% 
innings and allowed seven hits. 

• Astros 7, Dodgers 3 
In Los Angeles, reliever Ken 
Howell’s two-run throwing error in 
the ninth allowed Houston to break 
a 3-3 tie, and the Astros went on to 
bury the Dodgers, 7-3. (UP I. AP) 

New Zealand Rugby Union 
Votes Tour of South Africa 

WELLINGTON. New Zealand (UP!) — The New Zealand Rugby 
Union voted Wednesday to send a rugby team to tour South Africa 
later this year. “Having carefully considered all releveni factors, the 
council decided to accept the invitation," said Cez Blazey, the group's 

The national team, called the All- Blacks because of their distinctive 
playing shirts and shorts, is expected to leave in mid-July for a tour 
lasting until September. 

The decision defied a late plea Tuesday by Prime Minister David 
Lange. A tour “would hurt the real interests, including unde interests, 
of New Zealand.” Lange said. “Whether we like it or not, it would 
clearly associate New Zealand with apartheid, and we simply cannot 
afford that. -- 

“Wcstand for better race relations in South Africa. This tour would 
clearly set that back. It could even provoke more violence and conflict 
in South Africa," he said. 

Geoffrey Palmer, the deputy prime minister, called Wednesday “a 
day of shame for the New Zealand Rugby Football Union. Despite 
our strong and unambiguous appeals, the men of rugby have stub- 
bornly gone ahead." 

Speaking for “a substantial majority” of the union, Blazey said: 
“We do not believe that boycotts in sports should be used for political 
purposes There is a long list of other countries that have compet- 
ed against South Africa or South Africans. Action against New 
Zealand would be fairly discriminatory." 

The decision to proceed with the lour may well provoke anger 
among black African and Asian nations, 31 of which boycotted the 
1976 Montreal Olympics to protest an All-Black tour of South Africa. 

Under (he Gleneagles Agreement, New Zealand could also be 
banned from the 1986 Commonwealth Games. Adopted in 1977, the 
agreement holds Commonwealth members to a reaffirmation that 
“apartheid in sport is an abomination.” Each member was called 
upon to withhold support and discourage contact or competition by 
its nationals with South African sportsmen. 

In Johannesburg. Danie Craven, head of South Africa's rugby 
union, was delighted at the prospect of the tour. “For the political 
leaders throughout the world, it might be a bitter pill to swallow,” he 
said Wednesday. “But the rugby world is elated.” 

Meanwhile the anti-apartheid South African Council on Sport 
condemned the “tragic decision.” and said it would generate wide- 
spread anger and bitterness. 

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CompiM In- Our Stuff From Dispatches 

NEW YORK — Will the Boston 
Celtics become the first team in 16 
seasons to repeat as champions? 

Cun the Los Angeles Lakers stay 

How good are the Milwaukee 

Can the tired, injury -plagued 
Philadelphia 76ers rally? 

it may lake almost ’two months 
or playoffs to answer those ques- 

The National Basketball Associ- 
ation was to open its second season 
Wednesday night with the 76ers 
playing host to the Washington 

Five of the other three-of-five- 
game series will begin on Thursday 
and two more — Milwaukee- Chi- 
cago and Houston-Utah — begin 
on Friday. 

The word dynasty seems to crop 
up after each champion is crowned, 
yet no team bos woo successive 
titles since the Celtics, with Bill 
Russell as their player-coach, ac- 
complished the feat in 1968 and 

“We don’t look or think jinx," 
said all-star Lairy Bird of Boston. 
“Our only thoughts are of winning 
another tide," 

A look at the ope ning ro und: 

Boston vs, Cleveland — The 
Celtics have beaten the Cavaliers 
the last 15 times they hart played, 
including six games this season. 
The first two games will be played 
at the Boston Garden, where Cleve- 
J\ land has not won since 1978, the 
last time they made the playoffs. 
Only four Geveland players have 
playoff experience, but none with 
the Cavaliers. Bird, Robert Parish, 
Kevin McHalc & Co. should have 
few problems. 

Philadelphia vs- Washington 
The 76ers are considered the best 

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Eastern Conference bet to unseat 
the Celtics, but Philadelphia has 
had problems despite its 58-24 re- 

The team won only six of its last 


14 games, doubtless because of in- 
juries to all-stars Moses Malone, 
Julius Erving and Andrew Toney. 
The 76ers need the scoring of 
Toney, who missed the last four 
games with a sprained left ankle, 
and Gemon Johnson to take up the 

Injuries have plagued the Bul- 
lets, too, but they are buoyed by the 
probable return of center Jeff Ru- 
land, sidelined since Feb. I with a 
shoulder strain. He would add bulk 
in the middle — Washington's 
weak point in going 2-4 against 
Philadelphia this season — and his 
presence would probably spring 
teammates Jeff Malone and Greg 
Ballard for more open jump shots. 

Milwaukee vs. Otago — In- 
stead of a projected rebuilding sea- 
son, the Bucks won the Central 
Division title and finished with the 
third-best record in the league (39- 

Milwaukee is kd by the all-stars 
Terry Cummings and Sidney Mon- 
crief. Another key is Paul Prcssey, 
who has flourished in Coach Don 
Nelson’s “point forward" position, 
which capitalizes on Pressey’s pass- 
ing ability. 

This win be the Bulls’ first play- 
off series since 1981. Chicago ts led 
by rookie guard Michael Jordon. 
The teams split their six regular 
season games. 

Detroit vs. New Jersey — The 
Nets won five of the six regular- 
season games, most of which were 
close. Coach Chuck Daly of De- 
troit said, “We have trouble match- 

ing up with them at the guards and 
power forward." 

Micheal Ray Richardson, the 
Net playraaker, has been outstand- 
ing, but the team is still adjusting to 
the loss of guard Otis Birdsong (a 
broken hand). It would help New 
Jersey if the real, overpowering 
Darryl Dawkins could emerge. 


Los Aieetes Lakers vs. Phoenix 
— Probably the biggest opening- 
round mismatch. 

Los Angeles, healthy and its run- 
ning game well-tuned, won 20 of its 
last 22 games. The injuiy-depleted 
Suns were 3-12 between March 13 
and April 9 and just hung on to 
clinch the final playoff spot in the 

The best chance for the Suns is 
quick recoveries for Maurice Lu- 
cas, Larry Nance and James Ed- 
wards, its top three big men. who 
were either sidelined or hobbled 
during the final weeks. 

Denver vs. San Antonio — The 
Nuggets have not won in San Anto- 
nio since 1978, but the first two 
games will be played in Denver and 
the Nuggets will have Ihe home- 
court advantage if a fifth game is 
necessary. With Alex English (27.9) 
and Calvin Natl (23.3), Denver av- 
eraged 120 points a game, tops in 
the league. 

George Gavin, who missed the 
last seven games, will be back, but 
the Spurs wit] miss rookie Alvin 
Robertson, a defensive wizard who 
had come on ova the Iasi half of 
tile season but who recently broke 
his right Tool 

Houston vs. Utah — This is a 
series of big men, 7-foot-4 (2.23- 
meter) Ralph Sampson and 7-0 
Akcem Olajuwon of the Rockets 
against 7-3 Mark Eaton, who set a 
league sbot-blocking record (5i6 a 

Utah could be in for a tougher 
lime if Darrell Griffith, the 22.6- 
points-a-game scorer who missed 
the last four regular- season con- 
tests with a sprained right ankle, is 
unable to play. 

Dallas vs. Portland — With sev- 
eral new faces and struggling for 
more than half the scason/Portland 
started to come around, and the 

his last 26 games. Dallas has lost 
four ol its Iasi five games. 

Geveland Coach George Karl is 
among the many who give short 
shrift to even the top pretenders in 
the West. 

“Houston has the height with 
Ralph Sampson and Akeem 
Olajuwon." says Kail, “but do you 

Blazers won 22 of their last 34 really think Lewis Lloyd, Lionel 
games. The rookie Sam Bowie’s sol- Hollins, Rodney McCray arid John 
id play at center is starting to quiet Lucas are better than Magic John- 
his critics. Clyde Drexler is averag- son, Byron Scon, James Worthy 
ing 18.4 points and 7J rebounds in and Michael Cooper?" (\YT. IVP) 

Adams final Thursday night at 

Ashton picked up a loose puck in 
the circle before threading a low 

shot by goalie Tom Banasso at 
18:5 1. leaving the Sabres wintess in 
the Le Cdltsee since December 

Phil Housley had given Buffalo a 
two-goal third-period lead on a 
screened shot from the blue line at 
1 :27. But Quebec stormed back to a 

5-5 tie with two goals in less than 
two minutes. Alain Core tallied at 
11:02, beating Barrasso after Paul 
Gillis had won a face-off in the 
Buffalo zone. Randy Moller evened 
the score at 12:10 as his rebound 
went off Buffalo’s Craig Ramshy 
and into the net. (AP, UP!) 

Th* AnooowJ Pin* 

Gord Dineen upended Lou Franceschedi of Washington in Tuesday night’s first period, and 
New York went on to upend the Capitals in die game. 2-1, and in the first-round series, 3-2. 



National Hockey League Playoffe 

April 10 

washing ion 4. n.y. islanders X OT 
Philadelphia S. N.Y. Ronoers 4. OT 
Boston S. Montreal 3 
Ouenrc S. Buffalo 2 
Minnesota l 5L Louis 2 
Chicano «. Detroit 5 

Winnipeg 5. Galgarv 4, OT 
Edmonton 1 Las Angeles 2. OT. 
April tl 

PhUodeipnia l n.y. Rangers 1 
Washington 2. N.Y. islanders 1. JOT 
Montreal i Boston 3 
Quebec 3, Buffalo 2 
Minnesota < St. Louis 3 


Final Regular-Season NBA Leaders 


S Pt. 


LA Lakers 



Kansos City 


San Antonio 





Golden State 

New Jersey 






LA. Clippers 



New York 


























Seal lie 






New Jersev 
New York 
LA Lakers 
la. Clippers 



























































10* a 






Short. G3. 
English. Den. 
Wilkins, Aft 
Dantlev. Utah 
Aguirre. DalL 
Malone, pnll. 
Cummings. MIL 
Natt. Den. 
Woairldpe. ChL 
Johnson. ICC. 
Griffith. Utoh 
Free, Clev. 
Vandeweffw. Prt 
MifchelL SJL 
Smith. LAC 
Sampson, Haw. 
Aoaul-jaaor, LAL 

78 817 501 2184 280 
81 *39 383 2242 27.7 

81 853 <84 2217 27.4 
55 512 438 1462 344 
M 794 440 3055 35J 
77 402 737 1741 2L4 

77 757 343 1861 224 

78 485 447 1817 233 

77 479 407 1767 22.7 

82 747 325 1874 22J7 

78 728 216 1764 224 

71 407 388 1577 225 

72 618 387 1616 224 
82 775 267 1824 222 
80 682 400 1767 321 
82 753 303 1807 221 
77 723 287 1734 220 


Chicago 6, Detroit I 
Winnipeg 5. Calaarv 2 
Edmonton A Los Angeles 2 

April 13 

N.Y. islanders 2 Washington I 
Montreal a Boston 2 
Buffalo a Quebec 4 
Calgary A Winnipeg 0 
Philadelphia A N.Y. Ronoers 5: Philadel- 
phia wins series. 3-0 

Minnesota 2 SI. Louis 0; Minnesota wins 
series. 3-0 

Chicago 8.Detroii2; Chi cage wins serles.3-0 
Edmonton A Las AneeleslOT; Edmonton 
wms series. 3-0 

AprH M 

Boston 7, Montreal 4 

N.Y. islanders a Washington 4 

Buffalo 7, Quebec 4 

Winnipeg 5. Calaarv 3; Winnipeg wins se- 
ries, 3-1 

April 14 

N.Y. islanders 2 Washington I; islanders 
win series. 3-2 

Montreal l. Boston 0; Montreal wins series, 

Quebec a Buffalo 5; Quebec wins series. 3-2 

Donaldson, LAC 
Gilmore. SLA, 
Thorpe. K.C. 
Abdul-Jabnar, LAL 
Nonce. Phoe. 
Worthy, LAL 
Mchaie, Bos. 
Cheeks. PtilL 
Johnson, LAL 
wool ridge. ChL 


351 5S1 .437 
532 854 .423 
411 485 400 
723 1207 3*9 
515 877 387 
610 1064 372 
405 1063 370 
422 741 370 
604 877 361 
677 1225 364 

Malone. Phil. 
Lalmbcer, Del, 
Williams. NJ. 
Olaluwon. Hou. 
Eaton. Utah 
Smith, GS. 
Parish, Bos. 
Biro. Bos. 
Gilmans, SA 
Thompson. K.C 
Sampson, hou. 


G Off D»t Tot Aug 
77 385 646 1031 1X1 
82 395 718 1013 124 
82 323 482 IMS 12J 
82 440 534 774 113 
82 207 720 727 113 
80 405 444 847 IX* 

79 243 377 840 10L4 

80 164 678 843 103 

81 231 615 846 104 

82 774 580 854 104 
82 227 626 853 104 









5 an Antonio 




Thomas. Del, 








Johnson. LAL 




Kama City 




Moor*. 5 A. 








Nixon, LAC 




Golden Stole 




Bagiev. Clev. 





Rtanarosan, Nj. 





FT Ph 


Them. K.C. 




Kina, N.Y. 

55 471 

436 1887 323 

Johnson, AIL 




Bird, Bos. 

80 718 

483 2275 38J 

Green, Utah 




Jordan. CM. 

83 837 

630 23U 2BJ 

Gj-Willloms. wnh. 





Tuesday's Line Scores 

Baltimore OflO 000 871 — 3 7 3 

Cleveland 101 OH 21*—* 10 8 

D. Martinet T. Martinez <61. Snell (81 and 
Dempsey; Rutile, waddeli 17) and Willard 
W— Ruble, l-l. L— D. Martinet M. Sv— Wad- 
dell til. hrs— B altimore. Ripken in. Sheets 

Texas DM 040 212—9 12 1 

Toronto 880 *2* 801—4 7 3 

Mason. Moles (7) ondSlauatit; Lea I, Mussel- 
man 151. Lama (71 ana Man Inez. W— Mason. 
1-a L— Leal. 0-1. Sv— Notes flKHR— Toronto, 
lorg (I) 

Major League Standings 

East Division 

Ramn-Unwd taasliMmMoaai 

Boston's Larry Bird (going up against 76er Julius Erving) 

"We don't think jinx . Our only thoughts are of winning another title. * 





















New York 







3 Vi 



West Division 




















Kansas City 













East Division 










New York 















SI- Louis 







West Division 










Son Diego 










Las Angeles 










Sen Franc two 





Chicago 101 008 2*8—4 II 1 

New York 029 080 391—3 II 3 

Lolior. Nelson (71. Burns (7), Splllner (81 
MM Fisk; Whitson. Shirley (71. Rlohem <81 
and Wynegor. W— RlghottU-0. L— Splllner. 0- 
1. HRs— New York.Wvnegar (l).Wlnlleia (2). 
Bavlor (11: Chicago. Baines III. walker (1). 
Milwaukee 990 IDO 009—1 3 0 

Detroit 108 OH 08*— 2 6 2 

Burris, Searoge UlandSchroeder.-TerrelL 
Looez <71 ana Parrish. W— Terrell. 1-0. L— 
Burris. 1-1. Sv— Lopez (2). HR— Detroit. 
Trammell (21. 

Boston 980 000 800— 0 1 0 

Kansas CttV 828 008 Ota— 2 4 • 

Clemens and Gedman; Jackson and Sund- 
bera. W— Jackson. l-O. L— Clemens. M. HR— 
Kansas City, Balboni (1). 

Seattle B83 120 018—7 7 2 

Oakland 841 882 88*— * 12 0 

Morgan, Geisel (2), Stanton (tt.Vando Berg 
<71 and vaiie; Young, Warren (5), Ainenon 
(71. Howell 171. W— Warren. 1-t. L— Morgan 1 ■ 
1. Sv— Howell (3). HRs— Seattle. Presley (SI. 
Tnomos |4j, Co we ns 131. 

Philadelphia 088 880 008 0-8 5 2 

Chicago 0*8 000 000 1—1 7 I 

Koosman, Hoi load (7) and Diaz (1011 Eck- 
eniev and Davis, w— EcXerslev, 1-1. L— Hol- 
land. o-i. 

New York 818 088 881—2 S 8 

Pittsburgh 888 888 810-1 1 8 

Darllna Orosco 181 and Carter; DeLeon. 
Candelaria If) and Pena, w— Orosco. 1-a L— 
Candelaria, 1-1. 

Cincinnati 818 881 880-3 4 0 

Atlanta 810 088 880—1 7 0 

Seio ana Vtm Carder; Barker. Como (el. 
Forster IBS and Corona. W— Solo. 3-1. L— 
Gamp.0-2. HRs— Atlanta, Murphy (Si; Cincin- 
nati. Davis 0). 

Sob Fraedsu 801 008 188—1 B 0 

5m Diego 110 880 80x— 1 8 0 

LaPoint. Ggrrelts (61, M. Davis (8! and 
Brenlv; Hawkins, Lettorts I7J, Gossooe IB) 
and Kennedy, W— Hawkins. 2-0, L—L0 Point, 
8-1 Sv— Gossage III. HR— Son Francisco. 
Brenly til. 

Houston 888 818 SOW 18 2 

Lot Angeles 081 880 800-3 7 3 

•Cheaper, smith (71, DlPlne (7) and BsJlev; 
Brennan. Nleaenfuer (4). Howe (7). Howell 
<91 and Yeoger. W-Smith.2-0 L— Howe, o-i . 
H R*— Los Angeles, Mo* shall (21, Bream (2), 

April 18 

Quebec at Montreal 
N.Y. Islanders at Philadelphia 
Minnesota ot Chicago 
Winnipeg at Edmonton 
April 28 

Quebec at Montreal 
Winnipeg at Edmonton 
April 21 

N.Y. Islanders at Philadelphia 
Minnesota at Chicago 

April 23 

Montreal at Quebec 
Philadelphia at N.Y. islanders 
Chicago at Minnesota 
Edmonton at Winnipeg 
April 25 

Montreal at Quebec 
Philadelphia a t N.Y. Islanders 
Chicago at Minnesota 
Edmonton or Winnipeg 
April 27 

x -Quebec at Montreal 
■-Winnipeg al Edmonton 
April 28 

k-N.y. islanders at Philadelphia 
x -Minnesota at Cnicogo 
April 38 

x-Montreal al Quebec 
x- Philadelphia at N.Y. Htonoers 
x -Chicago of Minnesota 
■ -Edmonton or Winnipeg 
May 2 

x -Quebec at Montreal 
«-N.Y. islanders at Philadelphia 
x-Mlnnesala ot Cnicaao 
x -Winnipeg at Edmonlan 
(x-lf Necessary) 

NHL Playoff Summaries 

Buffalo 3 > 1—5 

Quebec 3 8 1—4 

Goulel 14). Wesiev III, Sauve 121; Rutt (2), 
Perreault 2 (4). Selling 14). Housler (3). Shan 
ox goal: Buffalo (on GassefbU 14-5-4—23; 
Quebec ion Borrossal 8-12-14—34. 

Boston 8 8 8-8 

Montreal 0 • 1— 1 

Nasiuna Ol. Shots on goal : Boston im Pen- 
ney I 5-4 11— 30; Montreal ion Keans) 6-14-5— 

N.Y. Islanders 8 2 8-2 

Washington 9 < 8—1 

Kallur (ll. B3utier (21; Carpenter ID. 
Shots an eoei: n.y. mangers Ion Rlaaini 7.8- 
7—32; wash mat on (on Smltni 8-18-14— -48. 

World Championships 

(Al Prague] 

Soviet Union 11. United States 1 
Sweden 3. west Germany 2 



Canadian Football League 

HAMILTON— Named John Salavonils al- 
fenslve line coach. 

National Football League 

NEW ENGLAND — Signed Eric Schubert, 
once kicker. 

United States Football League 

ARIZONA —Signed Darvi WIGerson. aeleti ■ 
slve end. 


NdUomI hockev League 

HARTFORD— Acaulred Joroen Petters- 
ton. left wing, tram St. Louis to com piffle on 
earlier trade. 


CAL IRVINE— Named vinceO'BovIe track 
and Held coach. 

CITADEL— Named Randy Nesbll basket- 
ball coach. 

GEORGE MASON— Named Gordon Brad- 
lev soccer coach. 

IDAHO STATE— Named Allen Carder and 
Barry Janusch assistant basketball coaches. 

PEPPERDDiNE— Named Tam Fuller as- 
sistant men's basketball coach. 


Chelsea X Aston villa 1 
Everian 4, west Bromwich l 
Luton 3, Norwich 1 

Sunderland 8. Sheffield Wednesday 0 
woifora X loswleh 1 

— H 


Page 22 




Healing the Wounds Tile 'Essence’ of Susan Taylor Group Honors Sakharov 

_ _ , __ ... * c mhv/ciricf • 

W ASHINGTON — President 

Reagan couldn’t understand 

W Reagan couldn’t understand 
what all the fuss was about when it 
was announced that he was going 
to visit a German military cemetery 
next month and pay tribute to Ger- 
man soldiers killed in World War 


The White House said the presi- 
dent had originally decided not to 
visit the Nazi concentration camp 
at Dachau, or an Allied war ceme- 
tery, because his 
trip was being 
made in the 
“spirit of recon- 
ciliation" and 
Reagan did not 
want to open old 

While no one 
doubts that the 
president is a 
great communi- n . 

cator, every once Bacnwald 

in awhile he does fall on his face. 
How did he mak e his most recent 
blooper? One theory, advanced by 
Bill Greider of Rolling Stone, is 
that Reagan’s advance team was so 
busy buying BMWs at half price 
that they didn't check out the polit- 
ical ramifications of the decision. 

“Mr. President, here is the itiner- 
ary for your trip to West Germany 
in May. We've got you down for a 
trip to the Bitburg Military Ceme- 
tery. The Germans thought it 
would be a nice gesture if you visit- 
ed a place where only Goman sol- 
diers are buried. It would show that 
you are willing to let bygones be 

“I have no objection, but 

shouldn’t I visit Dachau and an 
Allied cemetery as well?” 

“That would be opening up old 
wounds, Mr. President We can't 
send a wrong message to the Ger- 
mans at this tune.” 

“How can I send a wrong mes- 
sage to the Germans if I visa Da- 

“Because you don’t want to re- 
mind them of all the bad stuff they 
did during the war. It would be a 
mistake to lay a guilt trip on West 
Germany just when we got them to 
take our Pershing missiles." 

“There’s something in that At 
the same time you are aware there 
is going to be a tremendous amount 
of flak from our veterans and also 
the victims of the Nazis. How do I 
handle that?" 

“You can say at your press con- 
ference we can t hold today's Ger- 
mans responsible for things that 
their ancestors did in World War 



“Of course. Ail the Germans in- 
volved in World War II are dead. 
They told me so at the BMW show- 

By Georgia Dullea 

New York Times Service 

N EW YORK — Susan Taylor 
walked into a candy store in 

IN walked into a candy store in 
the Bronx one day to buy a maga- 
zine. Faces of white fashion mod- 
els and white movie stars smiled 
from the magazine covers on the 
rack. Reaching for a familiar 
piagaTiTip' she noticed a new one 
— Essence. The dale of that Gist 
issue was May 1970, and the face 
on the cover was young and 
black, like hers. 

Susan Taylor with 
covers of first 
issue of Essence 
(top) and 15th 
anniversary issue. 

want to hear that another black 
person was a monster.” she re- 
called. What has kept Essence 
fr esh , relevant and even contro- 
versial, die added, “is treating 
readers as grown-ups who are 
3ble to deal with a lot of issues 
that are not always very appetiz- 

“I kept flipping pages and 
thinking, ‘Oh, God, a magazine 
devoted to black women.’” said 
Taylor. “I didn’t know whether to 
read it or hug it.” 

Today, in her corn-rowed hair 
and tailored suits, 39-year-old 
Susan I Jlliartf Taylor is to the Es- 
sence Woman what Helen Gurley 
Brown is to the Cosmopolitan 

As editor in chief of the maga- 
zine, which has a circulation of 
800,000 and a readership of 3.7 
million , she writes about black 
women's “empowerment” in her 
monthly column. As host and ex- 
ecutive producer of “Essence, the 
Television Program.” produced 
at NBC studios in New York and 
syndicated on 49 stations, she is 
becoming as well-known as the 
celebrities she interviews. 

Rome Pieces Together 

Marbles of Greek Origin 

The Associated Press 

ROME — After seven years of 

searchin g municipal cellars and 
crates for more than 30 nieces of 

crates for more than SO pieces of 
marble, the dLy of Rome has un- 
veiled the decorated pediment of a 
fifth century B. C. temple of Apollo 
made of Greek marbles. The work 
is to be displayed in Athens. 

Three columns of the temple of 
Apollo, erected in Rome in 37 
p. C., still stand in central Rome. 
Parts of the pediment, composed of 
pillaged Greek marbles, were scat- 
tered around the city. The sculp- 
tures show a fight between the 
Greeks and the Amazons. 

“I thought there were quite a few 
ex-Nazis alive.” 

“There are none in Germany. 
The only ones left are living in 

“Won’t our ex-GLs be upset if I 
go to a German military cemetery 
without stopping by an Allied 

“There are hardly any of our 
veterans from World War II alive 
either. We're talking about some- 
thing that happened over 40 years 
ago. Besides, u you go to an Allied 
cemetery after visiting a German 
mili tary graveyard, Bonn will feel 
you are rubbing salt in the 

“How can you be so sure of 

‘They told me so at the BMW 
assembly line:” 

Nad Boenri/TJw N«w Tort Tmw 

“I’ll take your word for it What 
do I say at the Bitburg cemetery?” 

“The thrust of your speech will 
be that both sides were wrong.” 

“I can’t say that. We weren’t 
wrong. They were wrong.” 

“Okay. How about just saying, 

“War is heir?” 

“That’s all you want me to say?” 

“Well, you have to make it short, 
because I promised them you 
would make your major speech at 
the BMW factory.” 

In private life, Taylor is di- 
vorced and the mother of a 13- 
year-old daughter, whom she has 
supported since infancy. She is 
also an undergraduate at Ford- 
ham University. In her varied 
roles, she says she feels “like a 
sister” to Essence readers. 18 to 
49, well educated, working in 
skilled clerical, business or pro- 
fessional jobs. 

“Those are the demographics,” 
Taylor said recently in her office 
overlooking Times Square. “We 
look beyond numbers to the read- 
ers mind-set. We’re editing this 
book for black women whether 
they’re doctors and lawyers, sec- 
retaries, nurses, college students, 
single mothers, women struggling 
to get off welfare. The thread that 
connects ns is that we’re all inter- 
ested in moving forward.” 

Essence mans its 15th anni- 
versary next month with a cover 
story an Lena Home and the fat- 
test advertising issue ever. Since 
its first issue, purchased by Tay- 
lor and 50,000 other women, the 

magazine has never had a decline 
in revenues or circulation. 

Yet as Taylor and others who 
helped shape Essence acknowl- 
edge, it has had its problems. 

Born during the “Blade Is 
Beautiful” movement. Essence 
came under fixe at first for being 
“just another women’s ma gazine 
in black face.” Too much space 
was given to high-fashion lay- 
outs, readers complained, too lit- 
tle space to the real lives of black 

During a search for editorial 
focus, three editors in chief came 
and went in one year. In 1971, 
Marcia Ann Gillespie took bold, 
and Essence began to evolve into 
a service magazine. 

Fashion, beauty, food, health, 
child care — the usual women’s 
magazine fare — was covered, 
but from a strong blade perspec- 
tive. And when readers felt it 
wasn’t "black enough” they 
spoke out in the letters column, 
now called “Write On.” 

The magazine’s idea of service 
was much broader than articles 
on careers, child rearing and 
such. As defined by Gillespie: “It 
included topics thought to be 
only far men. Politics, war, reli- 
gion, sex, you name it. Essence 
talked about iL” 

This drew criticism, both inside 
and outside the magazine. The 
powers at Essence, now Edward 
Lewis, its publisher, and Clarence 
Smith, head of Essence Commu- 
nications, contended at times that 
long articles on weighty topics 
skewed the magazine’s balance. 
The female editors argued back, 
winning some, losing some. Re- 
calling one of the victories, cover- 
age of the criminal justice system, 
Gillespie said, “In retrospective, 1 
think we used too heavy a hand.” 

Another former editor in chief, 
Daryl Royster Alexander, spoke 
of readers’ reaction to a profile on 
Idi Amin published while he was 
dictator of Uganda. 

“Some black people didn't. 

Fiction, too, is sometimes 
frank in language and subject 
matter. Despite angry letters and 
threats to caned subscriptions, 
die policy stands: “If the word 
fits, use iL” 

That is (me reason the works of 
so many major black writers and 
poets have appeared in the pages 
of Essence. Among them are 
Maya Angdou, Tom Cade Bam- 
bara, Amir i Baraka. Nikki Gio- 
vanni, June Jordan, Paule Mar- 
shall. Toni Morrison, Gloria 
Naylor, the late Larry Neal Les 
Payne, Ishmari Reed, Ntozakc 
Shange and Alice Walker. 

Essence has changed as black 
concerns have changed, accord- 
ing to Susan Taylor, who took 
over in 1981. Under her editor- 
ship, the magazine has reached 
out to male readers, with an an- 
nual on men and a monthly 
column by men, “Say, Brother. 

By providing a forum for com- 
plex issues, Taylor said. Essence 
aims to strengthen black relation- 
ships and black families. 

Essence also aims to project 
positive images of black women. 
Last August, when the news 
broke that the first black Miss 
America had posed for sexually 
explicit node photographs, the 
September issue of Essence was 
already at the printer. On the cov- 
er was Vanessa W illiams and in- 
side were photographs of her 
modeling clothes. Tbe headline 
read: “Miss America Gets Suited 
for FalL” 

The reaction of Essence and its 
editor? “You took off your 
clothes — wrong move, for sura 
Bui come oa home, sister. ” 

The October issue carried an 
open letter to Williams from Tay- 
lor. It said, in part: “Tbe fact that 
it took 63 years for a black wom- 
en to be named Miss America 
nnmaaW a racial bias that we 
should find more offensive mor- 
ally than any transgression on 
your part. Isn't it interesting, 
Vanessa, that in this country nu- 
dity is a disgrace and racism 

The dissident Soviet physicist 
Andrei D. Sakharov, who has re- 
portedly threatened to resign from 
the Soviet Academy of Sciences, 
has been elected a fellow of the 
American Physical Society, the 
U S organization announced- The 
emu p, of which Sakharov has been 
a member since 1982, said Sakhar- 
ov’s stepdaughter, Tanya YankeJe- 
vich, who lives in Massachusetts, 
agreed to accept the certificate of 
fellowship on behalf of Sakharov at 
a ceremony April 25 in Crystal 
City, Virginia. Sakharov. 63, was 
sent into internal exile in Gorki in 
January 1980. Sources in the Soviet 
Union said late last' month that he 
had threatened to quit the Soviet 
Academy of Sciences if it did not 
tn k * action to improve conditions 
for him and his wife. 


WUr- \ 

Graeme Steel, son of David 
Steel the British liberal Party 
leader, has pleaded guilty to break- 
ing into a grocery store. A court in 
Selkirk, Scotland, sentenced him to 
75 hours of community service. 
Sted, 18, and three other men ad- 
mitted stealing cigarettes, beer, 
cad) and groceries on Jan. 1 from a 
store in southeastern Scotland. 


Forty years after a Japanese 
sniper’s ballet ended Ernie Pyle’s 
life, the World War II correspon- 
dent will be honored with sendees 
at the National Memorial Ceme- 
tery of the Pacific in Honolulu to- 


day. A military bugler will sound 
taps as a floral spray is placed on 
Pyle’s headstone m tbe cemetery by 
a representative of the Hawaii 
Chapter of the Society of Profes- 
sional Journalists, sponsor of the 
ceremony. Pyle won the Pulitzer 
Prize in 1944 as a Scripps-Howard 
columnist and correspondent in 
Europe, Africa and tbe Pacific. He 
was killed on Okinawa. 

NEW MODEL— Princess j? 
Stephanie of Monaco, who 
recently started working as 
a model in Europe, wffl 
make her U. S. modeling 
debut later this month. 

Shirley Madame has won a spot 
on a list by McCall’s magazine of 
the 10 best female bodies in Ameri- 
ca. The actress, 51, was the oldest 
woman on the list “She has the 
body and outlook of a woman half 
her age,” McCall’s said. The others, 
in alphabetical order, were the ac- 
tress Shari Bdafonte-Harper, the 
model Christie Brinkley, the ac- 
tresses Jamie Lee Cntis, Daryl 
Hamah and MarQu tieuner, the 
figure skater Pe m Fleming Jen- 
kins, the actress Jadyn Snath and 

two Timers — the actress, Kath- 
leen, and thesinger, Tina. The mag- 
azine did not say bow it chose the ]T. 
10 women. \ \ l 


Tbe Academy Award-winning J . 
actress Joan Fontaine, 67, will re- Qjj 
place Loretta Young, 72, another 
Oscar winner, in the television - 
movie “Dark Mansions,” an Aaron - 
Spelling production that could be- i. . 
come a prime-time soap opera. ' 
Fontaine, who won the best actress ~. 
Oscar for “Rebecca” in 1940, was . 
assigned to the role in the series . . 
about a Seattle shipbuilding family 
after Young, who won for “Tbe - 
Farmer’s Daughter" in 1947, 
dropped out of the cask citing artis- 
tic differences. Tbe two-hour .film 
will be shown during tbe 1985-86 
season on ABC. 

ITurner . 
Unv Co ill 



to the 









Eraphood location near 
Sjnaa Polar,*. 

Lost floor. apartment style 'ateEer'. IK 
sqjn. duplex. 3/4 rooms, IK belts, tv 
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WANTED/EXCHANGE executives available 



Cede*. Franca 

0,150,000. Write Bco 
Tribune, 92571 NeuO] 


S *v» oe i 


AN ATTRACTIVE BREAK from hcteb NEAR ETOtiLE. Small stake, tunny, 5th 
with Ratotri, fer vour short (or long] floor logo terrace May/Octobw. 
itayj « Pom. Mb- equipped itafas F3J00/month. Tefc Pons 334 31 00 
to 5<oo(n opartTTwUs. mdudre krtdv 64 4739. 

TwSMtSS OOT * J gf§5?S7 


U.S. FAMILY seeks fuLtime private 
tutor froncorfton e far primary sc h oo l 
dridren. Reside USA. TraveL Bax 
85DL5alenL MA 01971 Tefc (617)631- , 
7593 weekdays. 




Macro s BBfZ, PORSCHE! 
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As a new subscriber to the 
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Howe. 300 iqjiL Swing space, 12 
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75008 Pari* 


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en and hotel services if desired front 
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rue du ThMire. 750)5 Porii. 7*L575 
62 20, TK 205211 F. 

OE ST LOUIS: Luxurious furnished 
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FramonfcSOO 66 00 


Wl saWmorkedrig & PJt far prod- 
ueb & services. Grrertty executive 1 
search assistant Seeks chcBengmg 
pension vrith dynamic kifl firm Pans 
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92521 NeuBy Prim e, France. 

35. Promote brand new product m US 
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rl60 per hour. Bax 2 
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rooms, very uge reception, j bed 
rooms. 5 baths, elevat o r, 2 garages 
in 1.230 sqjn. kind. 

Would suit Embassy. FAZOOittO. 
Exausjvrrr m6wa«on 


Has the pleasure to inform the 

Exception^ PLACE VBTOME: 3 bed- 
room aprxtment, available per week. 
F9000 per week. 

9True Rcyde. 75008 Paris 

uwuitutjwtxiw ; ADVBmaNG/P.R. 

7TH: ECOtE MflJTAfltf. Very rice Ev- German Executive with tfivenified inti 

IHT Subscription* Dswtaeil 
181, Avenue Cfcortto-du-Gcutte, 

92200 NoiAywor-Sei 
Or tot Paris 747- 


contact our loerf distributor on 

fcrtemabooal Herald Tribune 
1 005 T«e Sara Cmruneraal Bufldktg 
24-34 Hanin Road 
Tab HC 5-386726 


217 sqjn. Suing span, private indoor 
wfwwinq pool, hrnsfi sound, fixerose 
room, 1700 sqjn. park 


CaP. [3) 954 92 00 

Herald Trtunereaden that its odraties Tab (1) 265 II 99. 11s: 64G793 F 
have been rdesn over by the Group 

ABP ELYS5B-CONCORDE abp rams toNcra 

9, rue Royal*. 75008 Porii ing + bedroom 
Tnb (1) 265 11 99. Tbe 640793 F per week F9000 

bcophond AVE KXH: 140 Sqm,Bv. 
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per week B000 per week. 

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cermg agreements, new product de- 
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resume & phoK 
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?o to set up imerview. COOKING OB, bachelor, to work 
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Write No. 34577 an envelope, to: 




Hqjh Performance Automobiles 
56 Boutemloon, Endhoven/ Hofa id 
Tel: (0) «L5S»55. Telex 59231 



Write No, 
Jean fan 
cade 750W 

envelope, to: 
39ru#de rAr- 


cade 75008 Pons, France. 

mOf All PAIR to work USA - New 
York subixb own room & bath m 
Iwgn home. Write: Mme Gionrira, 10 



i^SoSAora 7500B T ° ^ m ■ Euro P e » ** ^ 
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rfvnarvc. avd r»r**r*rr trover, fust retted cb rK-coor dnator ot 

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Tel: flj 265 fl 99. The 640793 F PBfTNOUSE AVE JHONTAKM. By ^ «P«nenai a buyer 

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fr^-^Poris: 634 5965. Rome, 


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luwiout duplex stwfias, both, {tow. 
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moo day) BofaL 

16th century bu3(f ng, di 
diarm, beans, 
Ported conririo d - 

No agency I 

Short term base. Vint today-. 95 Bd I 
Gouvion 51 Cyr. Peril I7«e 574 82 57. 



764 03 17 

FOOL Luvunoul 6 rooms, mcid's fen 
room, porting F21 JOO. Tri: 7209495 Wi 

short term. F6000. 

roams, do 
Tot 720 94 1 

potiato r. hord worker, s e eb new chd - 
teno® m Krport/ export, inmuo a i PGiiL 
WlBng to retoente. Brussels Tet 672- 
4433 or write toe 8 Aw. de BeauScu, 

— — ' Ameriat Tek Paris 398 i r nj. aw nK i i irf uirmL- ' - - - • - p-c. j.i. . 

vaer pnnomnropc profea. nwatxe cor 

ATTRACTIVE CAPABLE executive Write in cmtfldenca to 

r responsible/ mat ur e mgn-Fndny with 

■ permanent residence prefer aUy out* 

ride t he Fedorol ^e pubfc WRl a to con- 

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ckive lax free BMVVj at tourist prices. 

dive kn free BMVVj at tourist 
We abo supply factory built 
proof BMWs and the AJ pitta BMW 

fafy want* potion in Paris as assn- 

Box 2104 

LHX, Friedrichstr. 15, 
D- 6000 frankfur t/Man 

Akkrshot. Hants. UK Tel: 
315369 UK licenced.. 

attdrens naraty, mums helpers & off 

range tax free. 

CM L on do n (01| 639 6699. 

SUN. N.Y. TIMES - Eurqet de&very. 
Write Keyser, FOB 2, 81000 BtusmA. 


(1) 260 30 39. 


on garden, kixurioui, CLL 387 53 03 American seeks post in W. Germany. 

fiancee transferred there. Ivy BA/MA 

riph dan apartments 
5tudk», 2 mans. 3 rooms & nxe 
in bast ore® of Paris 
9. me Rmcri. 75008 Pori* 

Tab (1) 265 II 99. Tbe 640793 F 


260 sun. 380 26 08 

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One month or more. 

IE OABJDGE 359 67 97. 


MOVWO TO ATLANTA? Rant o pri- 
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hwee wi 4 acres, minutes from every- 

r ■ , ... z.™ GENERAL POSITIONS 

French Superior writer. Pricttrtfy 

ode to Andrew Young. Perfect far European headquarters of US 
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trqtiva AsiororJ position. Avciafcto Recnntnxj port time (p.rrJ 
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2403 Noble Creek Dr7 Atlanta GA _ Operator, t e r e pH o n fa 

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~ P«o"onert ofter that period 

IIBBOCAN ATTORNEY doves post Candidate must be fluiwt Ermksh / 
m Ew ope, 2 yw rs. exgerwnce nwi- French, good typist, exceOent 
hrae 6 coramerad faw eKfakna state presenhteon. 
ifefa-oleourt B tyrtpn. fceata fiwe send resume to: Afrne Obri. 

LA Huemi JULY -AUG. Luxury, 200 
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SHORT IBM STAY. Advantages of a 
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private garden, 
rnvcle lopnvoii 

thrig. 4 beefrooms, 3 baths, fl -44 '*£. « & 9/ffi^Wrtd 

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afes kre rent 10 rekable tenant. 

Nease write to Box 2131. IKT N Frie- AT mnev 

dnrieir. 15, 6000 FrarS*et/Mori or 

telex John, Wortow, Poland 81741Z ?gope. 2 yws, exgt 

Europea n h eodquorters of US 
phannuLBubcd company m Puis 8 



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(089) 142244 


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USA AM i ed Van Unas Inti Carp 
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branches of 1st daa trve^n domestic 

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HJshousSwHrign FROM STOCK 


Hoiari, France, Tek | 

■EAUnHA rouCAITO wdMroveled 4QW3N qriy 

woman, 78, seeks la ami. be pernt babyminoefs & 1st dau daSy raids, 
awStoSnHitektt.S^,'^ Shone Bureau, Utwfan 23Q r 8122 / 
throprit or oeatrvu businessman. Able 5142. Lic enced employment agency 

mods French; some Spanish. Respond 
to Box 2060, Herdd Tnburw7ra21 
New*y Co dex, France. 

POLI SH m with nenrry- Informal 

far IMMEDIATE defray 
For sh ipping, iraumce, bond, 
BMnrenkm in U JJL 


TouteMOr. 52. 6000 Frwkfurt, 

W Germ., tel (W69-23235T, dx 411559 
Wormofion only by pfatne or telex 


ta French 35, ft*nt Enfah, seeks COOK/ 
OKflen^ng pashon writ tour opera- Esh/Fri 
>a or travel ogendm worldwide. Tbu 

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JB on fans 578 88 OB G la B am .1 


Apartmeate , ranging from stales 
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from SR95JM0 to SF635.000. Mort- 
at only 6J% mteresL 

I For normotjon 

International Business Message Center 

fish/ French 
cocas. Tat 


We Mfver Cm to the WorU 

LP*™" W 

Cadex. Frrmce. ehoortrrt. seeks |ob with chikkanto 


MARKElMGTEAMi Prestige inti bus- 

•xprmd his method. London 747 3365 


Av. MooSepoi 24 

01-1005 lAUSAM'ff' Swro.ricnd 
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MMsdSwe 1970 

Nol MOVE? 


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POribpn Full service I !■<: DOT 

Proieer management or data search 
Marketing sennas for overseas 

retail/ whotedo. 
vnde. OKLEY, Tel 

/week with minmum help. Owner re- BUSINESS SHIVKB in Luxembaura * Mori * t *?8 for 

as iVmiStma 

PARIS (31 036 63 IT 
LONDON (01) 578 66 11 





Material available in Eng&sh. French, 
German, Arabic. Bax 1993, Hereto Tri- 
bune, 92521 Neu3y Cedex, France 

3 E5TARUS HB) Canrtofavbased ai 
companies are seeking serious inwes. 

emswns the secure vsxtlure. 


CONTTNEX Costousreri to 300 atns 
worldwide ■ Ar/5ea. CoB Charfe 
281 1881 Pans (near Opera) Cars toe 

TEXAS: 132 unis. 13 buld ngs. 2 pools. 
1 Ians court. Excetent terms. 
S3JOOJOO. Tefc 213494 4002 

Wwrtxra, 4801 Anahem Sheet, long 
Bench, Gofifamia 90004. 



CANNES CAUFORNHfr In hirfi doss 
leadence, spiendd up ortri e nt . 120 




Ycmi con have your own bvdneie ... . 

_rtod poc ket m ere money to a day 

than most peopteeamm a week. How? roiKB ! y- Lrtmao e »mogonsw preorea^ 
Easy. S' i not hod at all when you own iff np ute ayport^rpoiaie s. 

a Kama Computer Portrait System. ”1 stocry eorttoentid. 

A sure winner that combines 3 of to- Free rorwiWiort^ 

day's hotte d trends™ video, computers says r Gntfin LL8, F.CA . 

«l instant ptetaes- pte the W 

how and g u ara n te es of Texas hrtru- vv ostein tteuse Victoria 5 freer. 

Api9««)VE5TMB<r m Greece, 
raiioiiip for S. Market busuvsss. 
inquiries: fix 31BS97 ATEC 

f mod service / uwotang, tedvecoL 
odranahotive and lumiijol guidanre 
/ customs agency / storage space / 
adv ertis ing consultant T creative 
workshop / do n eo t xrtxxi / company 
formation. Please contort Luxcorp 
SA P.O.B. 2436, L1024 Uramboaro. 
Tefc 495643 or 48 40 11/12/13. Tlx 
2251 UJXCOLU. 

Cbcretion aaured 

Offices and Sendees 

For more information write or cal us at 
GPO Bax 762, Adriefcfa, Sue* 

SOPHOTCAiro YOUW Ltoy. muK. 
tnajol. dUtgufawL edoented. seeks 
|o^ hostess, mterpnRtt, guide ui Paris 
or Cannes. Car available. Free to 
Travel. Tel [1)72069 64 Paru. 


Pbnehe or BMW, bmwfiafe dekva 
□* rennee unport/export US. DOT a 
ff A far tourist and dwrier. OQ& Teer- 


YOUNG LADY faCngual, seeks jab at PAWS 

jrtorgraher & tairism gude. Teh Porii 



Report - 12 co u ntrie s rxxriyzed- 
Detab. WMA, 45 fandhurst TCE. 
5uite 504, Gentrd, htong Kang. 

AutowSu, Anrirafia 
Tetorc AA 87443 


sqau 2 bedrooms, 2 bathrooms, + 1 , 
maids room - 15 sqjn. with sh ower 

mteds room - to sqm. with s hower 
room, friiy equipped & furnished flert. 

O oug fas . trie of Man. 

. Tefc p624) 23303i' A. 
Telex <2738? CORMAN G. 

Deep south terrace, park, swimm i n g 
peoL terns court marveflous sea 
view, garage. F3J300JX10. S.S.1,47, la 
Croaette.lK40D Cannes 1^3§19i9 

MOUGIF6. Resdenfid unique proper- 
ty, 400 sqm, o v erioohng fm i ka lx. 
yews, roMpbcxi 100 sqm, 5 man 
bedrooms, guest apartment, staff 
tearters, paoL 5000 sqm grounds. 
FOOWOOTsiL, 47, la Qoeerta. 
064000CANNES. Yd: (93)33 19 19. 

Dduw rentah. Vderiusdr. 174, 
Amsterdam. 020621234 or Kafir) 

how and guarantees of Texas Instru- 
ments, ffamonic and Kama. An oH carii 
business. Customers come to you. No 
seKng. No stress. It's not o franchise. AD 
the money and rite profits txe 100% , 

yours. Idea for fonfies, incSviduab or | 

ab s entee owners. Part-tune. MWne or 

vw e ke nd i There’s no need » fawe > . _ ,. « 

your patent job. With the tareosystem ! 

you tafa someone s endure with a T.V. I rnaneie rwfas Hd^to set u p (fie, 
comero and *Bfan*pnrt * with a I hrunmuah locales ammerod, mdus- I 




LOW COST RBOB4T1AL status b 

feed parat fae , no physicol l . 


computer. Rsi . _ 

cMg con rwi H. Bur fhv profti aren't bd j =: — Tr ! 

stuff. The Kama system is overiabto in j 2j£3$2fc? B 4$9[ ^ 

biod. and v4we „ to* color- a norto- i USA. (714 7S2 0966. 

,pnnt u vwth’a 

button simpfa s ™ & residenfld real es ritfe. fa r free 
profti rated S™ 1 ?" Dov)d Hfaon, 1201 

A eom g b te soad & business swa 
praridng n ursgw oofledion of 
hrierded. vetratee & muttiSnguoi 
«riw«* for al occasions. 



330 W. 56th St, N.Y.C 10019 


US. MCOME TAX. TSS- mad data. 

Behxn completed 5 business days, 

France. Tefc (901 38 32 36. 

Your Office in Germany 

we aw “At Year Service" 

• Complete office services at two 
prestige addren**. 

• Fuly equrpped offices far the short > 
term or the long term. 

• WumatioiiaBy trained office and 
professional staff at your daposoL 

• Can bejegafl^aiad as yow corao- I 







500 03 04 
139 43 44 | 


PAGt T9 ^ 

Depanmer* m a medium sze French *-°5 ANGELES 
Drug Company it loofcma for a MONTREAL 

Drug Company it ioobtig for a 



Mothar tongue Engtsh. Seme back- 
round in boance highhr risxrabie 
(Chemntry ted ftofoar}. 
Shorthand not ewmtML 

'I. 45 1 


931 76QS 

568 9288 
866 668) 

faove <t to us to bring IMB m 


Y>KaJV^1 ys 


Servtea Reoresenegtiw 



Mode md who* or fa« cofar; is porta- 
ble, sets up m 30 minutes of lea, my- 

tone, anyw here. The world is your tern, 
lory. There are thousands or kxteons 
wating to be Sed__ phis tremendous 
mai order qpciicabon. System prices 
stat at U5W30Oto USS2&50a 
Kema, Dept. M35. PosJfodTlTOiO, 
6000 Frankfurt / W. Germany. 
Tefc 069 / 747808 Ik: 412715 KtMA 


LARGE B£GANT IWghtshridne house 
near Hprroch, tana lefae, with its own 
mew* house t Jwreges. Unique 
offer. Tefc 01-235 75® 

When in Rome: 

Luxury opartmm house with furnished 
nob, avaifabie far T week and mare 

VOGEAU RARF Geneva bored Arab 
executive, succasfui woridwide expe- 
neece in fcltex & Western banking S 
bwnets, wefl rnamrad, capable & 
mbdiout, Maks mobveded hnandd 
and/or ortive lady partner to dart 
raw asrpgraion. Write ta Bax 2D55, 


OJd Band Street, WT 
Mod. f e t ephone, telex sarwa 

. Swiss Frona or ItoBan lira. 
6500 Zurich. 


Urea Buxfaeto Servfca GmbH 
LauoaHoui am Noidtouserpcrt 
JwtimntrcBse 22 
6000 Frankfurt cun Man 1 
Tel. 0611-590061 
Tele* 414561 

comma surrte witfi quUntin. 
Cefl Porii ffranceh 
886 11 67 bet 356 

fa Ui 
gfarerteed. VIA 

T “*= »-5O7T505tu! 

■ ftBPtAuii. a nd mm - 

ogentete - USB. rtnhore compa« 

Geiwva France Border 



Phoner 6794325. 6793450. 

ONTARIO, CANADA- Exaefiert tax 

let 01-493 4244 
Tbo 28247 SCUM G 

aottage resort. 16 cottages + 3 bof 
taont home-18 gate. Kawartha 
Lotas. Ontario an die Trent Water- 
way*. Tourism Ohtano 4-sttr resort. 

fStx, teal, phanel irade 
stxee, trarnMMS, admin is tration and 
sMetanof seriiees. Legal and owftor 


otjv faehen. 

&S 1 

738-2333. r.O. Bex 126 Sobeoygeon, 
Orttono Canada KSM lAfl. ^ 

Uwsraty. IB & wadwide mnseri. 
eoce, own office in Pans area! Srela 
rarantoto* as owtiAtw or orchtec- 
iwal prajeds wah nwkmeAoeal indn- 
fr«s, U5 terra m tndupiiuj houuu 


Cedex, France. 


neft fWAw M LONDON Victor I 

nWDOTWT •7day24howoccaB&teSwmahteO 727 61 

UUEAU • Ft* support services iflduCfag: — 

SERVICE sertetanoL telex, copying, et 

J omce bi France. • Corporate Representation Service 
*w, prxxwl (rode • Short or long tenn mdbbahy 
odmmsfrotiw and World-Wid e Rutiiew Centres 
legal and owktar 110 Tire Stemd Loadan WC2ROAA 51 
ngjerm. MBA 86 Tek 01 B364918 The 34173 


toa^ ri^^ K owlf^e of French re- — TAKE THE PROFIT 

Victor Hix», 75116 Fwis, Fronoe. Tet ^ ^Y*ng pn«a ovniktaU 

Tefr (50) 92-1341 Ik MBA 309Q78 F 

Don't min 


in toe IHT Hi Wed Sedfan. 

* YOufafa the profit 

* wu do the work 


Tk l* Ml 3271 GECQMS G 



Comprehensive range of servees 
150 Regent Sreet. London WI. 

Tel: (Oil 439 6288 Tbu 261426 

Small space 
tbe International 
Herald Tribune 
is less expensive 
than you migfat 

For price . 
details call these 
numbers or 
your nearest 
IHT advertising 


r ' a Dei \ 

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Frankfurt: 72.6735 
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